DESCRIPTION OF THE ADVISORY FIRM
AEGIS Financial (hereinafter “AEGIS”) is a corporation organized in Wisconsin. The firm was formed in January 1997,
and the principal owner is William Lee Bowman. The firm operates under the AEGIS Financial name with the full legal
name of Bowman & Company S.C.
AEGIS represents and affirmatively acknowledges that it acts as a fiduciary within the meaning of the Investment Advisers
Act of 1940, as amended. As such, AEGIS owes a fiduciary duty to each of its clients. This principle-based duty applies
to the entire relationship between AEGIS and each client. Accordingly, AEGIS has developed impartial standards of
conduct as formal obligations to serve only our client’s best interests, to charge reasonable fees based on the scope and
complexity of the services provided, to avoid misleading statements, and to manage and disclose potential conflicts of
interest.
AEGIS offers a wide range of advisory services from Asset Management, Financial Planning, Enhanced Financial
Planning, or Comprehensive Wealth Management to investors, high-net-worth individuals*, and charitable
organizations. In this regard, AEGIS should be viewed as a level-fee advisor whose bundled fees encompass many
investment services based on individualized and ongoing asset management without the bias and conflicts of
commission or variable compensation based upon its recommendations.
AEGIS is headquartered in Oshkosh, WI, with branches in Appleton, WI, and Milwaukee. Client accounts are in the custody
of independent qualified custodian Raymond James & Associates, Inc. Member New York Stock Exchange/SIPC, in a
separate account for each client registered in the client’s name.
WRITTEN ACKNOWLEDGEMENT OF FIDUCIARY STATUS
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. How we make money creates conflicts
with your interests, so we operate under a special rule that requires us to act in your best interest and not put our
interests ahead of yours. Under this special rule’s provisions, 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 to ensure we advise in your best interest.
• Charge no more than is reasonable for our services and
• Give you basic information about conflicts of interest.
TYPES OF ADVISORY SERVICES
AEGIS provides investment advice through individualized consultations about retirement planning, tax planning, goal-
based planning, investment planning, estate planning, and many other services for a fee. As a part of its financial planning
services, AEGIS offers discretionary and non-discretionary asset management services where it provides continuous,
active, individualized management to each client. AEGIS also provides general consulting services from financial planning
to wealth transfer based on the client’s need, whether they have assets with AEGIS or not. Collectively, these services are
generally referred to as Consulting Services.
*” High-Net-Worth” Individuals are principal members of a client household with at least $1,000,000 managed by AEGIS or whose net worth A EGIS
reasonably believes exceeds $2,000,000.
Asset Management Program
AEGIS Asset Management’s program is consumer-friendly for clients who seek individualized investment analysis, using the
proactive professional asset management approach and disciplines of the AEGIS Financial Investment Committee. AEGIS helps its
clients create a personal financial profile that matches them with a model investment portfolio that is cost-conscious, globally
diversified, and actively managed to meet their individual risk tolerance needs. AEGIS Asset Management benefits from the
collective experience of the AEGIS Financial Investment Committee, with the support of the insight and contributions of the third-
party research, allocation, and asset selection partners it chooses to engage. Together, we monitor risk parameters, rebalancing
opportunities, performance comparisons to a benchmark, and dynamic investment selection as opportunities are identified. In
addition, the AEGIS Asset Management program provides clients with an annual written review of their accounts.
Over the course of the relationship, each client will have the opportunity, when appropriate, to consult with AEGIS and discuss (i)
personal opportunities, financial goals and objectives, risk tolerance and management, educational funding, and building your
retirement; (ii) recommendations regarding the advisability of distributions, transfers, or rollovers from retirement plans or IRAs,(iii)
investment management and portfolio strategies, (iv) beneficiary reviews to efficiently transfer assets, (v) tax-efficient strategies,
(vi)similar personal financial management decisions based on the unique needs of the Client,(vii) reporting – quarterly performance
reports and online account access, (viii) communication with professional partners if necessary (ix) market updates, newsletters, and
education events.
The AEGIS Asset Management program does not provide the client with the full suite of its Financial Planning Services, Enhanced
Financial Planning, or Comprehensive Wealth Management Services. In addition, clients are provided with only limited
opportunities to engage with the professional team members of the AEGIS Financial Team.
Financial Planning Program
AEGIS Financial Planning’s program is for clients who have moved beyond investment management to a broader perspective on
their financial situation. Clients seeking this service seek planning and tax strategies to incorporate into current and future cash flow
needs and build income streams for retirement design to align with their lifestyle goals. This program also benefits from the collective
experience of the AEGIS Financial Investment Committee, with the support of the insight and contributions of the third-party
research, allocation, and asset selection partners it chooses to engage. Together, we monitor risk parameters, rebalancing
opportunities, performance comparisons to a benchmark, and dynamic investment selection as opportunities are identified. In
addition, this program provides the client with an annual face-to-face stakeholder meeting of their accounts.
Over the course of the relationship, each client will have the opportunity, when appropriate, to consult with AEGIS and discuss (i)
all services provided in the Asset Management program (ii) create a Financial Life Plan to ensure the client is on track to meet their
retirement goals including social security (iii) simple tax review (iv) implement tax efficient strategies relating to capital gains,
wealth transfers, and retirement (v) designing cash flow and income strategies to meet current and future lifestyle needs (vi) estate
planning assistance and strategies (vii) insurance management review (viii) and access to capital access debit card or check writing.
AEGIS Financial Planning program includes all the services of the Asset Management program but does not include the benefits of
the Enhanced Financial Planning or Comprehensive Wealth Management Services program.
Enhanced Financial Planning Program
AEGIS Enhanced Financial Planning’s program is for clients seeking access to a broader range of investment, retirement, estate, and
tax strategies. We help these clients employ advanced planning and wealth management tactics to mitigate tax while working toward
various financial objectives. This program's planning and tax strategies incorporate social security options and application for
benefits. This program also benefits from the collective experience of the AEGIS Financial Investment Committee, with the support
of the insight and contributions of the third-party research, allocation, and asset selection partners it chooses to engage. Together,
we monitor risk parameters, rebalancing opportunities, performance comparisons to a benchmark, and dynamic investment selection
as opportunities are identified. In addition, this program provides the client with an annual face-to-face stakeholder meeting of their
accounts.
Over the course of the relationship, each client will have the opportunity, when appropriate, to consult with AEGIS and discuss (i)
all services provided in Asset Management and Financial Planning programs, (ii) a full annual tax review and efficiency plan, (iii)
review of employee benefit options and provide recommendations (iv) provide retirement needs
analysis, 401(k) review, and
comprehensive retirement planning (v) analyze and maximize social security benefits (vi) provide estate plan and survivor needs
analysis (vii) if needed research alternative investment strategies (viii) insurance risk management and long-term care planning
analysis (ix) and coordination with the client’s professional partners.
AEGIS Financials’ Enhanced Financial Planning program includes all the Asset Management and Financial Planning Program
services. Still, it does not have the benefits of the Comprehensive Wealth Management Services program.
Comprehensive Wealth Management Services Program
AEGIS Comprehensive Wealth Management Services’ program is for higher net worth clients balancing retirement needs with estate
and legacy goals, family priorities, and a complicated tax profile that needs a program to accommodate and simplify this complexity.
For this reason, we developed this program, which includes all investment and wealth planning capabilities of other services and
several specialized strategies and personalized AEGIS Financial tools. This program also benefits from the collective experience of
the AEGIS Financial Investment Committee, with the support of the insight and contributions of the third-party research, allocation,
and asset selection partners it chooses to engage. Together, we monitor risk parameters, rebalancing opportunities, performance
comparisons to a benchmark, and dynamic investment selection as opportunities are identified. In addition, this program provides
the client with semi-annual face-to-face stakeholder meetings of their accounts.
Over the course of the relationship, each client will have the opportunity, when appropriate, to consult with AEGIS and discuss (i)
all services provided in the Asset Management, Financial Planning, and Enhanced Financial Planning programs. In addition, (ii)
create a detailed Financial Life Plan incorporating advanced tax mitigation strategies, (iii) an annual comprehensive tax review and
efficiency plan, (iv) provide legacy and quality of life planning, (v) guide charitable gifting with an integrated tax strategy (vi) semi-
annual stakeholder meeting with family and professional partners (vii) transition guides including 12 part business succession guide
for small businesses (viii) external account consulting including deferred compensation and stock option plans (vii) an in-depth
review of employee benefit options and provide recommendations.
Portfolio Management Services
AEGIS offers ongoing portfolio management services as part of all its service offerings based on each client's individual
goals, objectives, time horizon, and risk tolerance. AEGIS gathers personal information from each client, including age,
income, tax levels, net worth, investment experience, and liquidity needs, and then constructs a plan to aid in selecting a
portfolio that matches each client's specific situation. AEGIS will assist the client in opening an account or accounts with
a qualified custodian based on the information provided by the client and manage the investments in each account on the
client’s behalf. AEGIS will supervise, provide ongoing active management, and direct the management of the assets
in each account concerning the purchase, sale, or continued holding of securities, subject to any restrictions the client may
wish to impose. AEGIS will select mutual funds, exchange-traded funds, cash and cash equivalents, and individual securities
in each client’s account. AEGIS believes that all asset classes are valuable tools in implementing investment strategies;
therefore, fees for services are based on the total value of each client’s account, including cash balances.
Portfolio management services are provided to each client on a discretionary or non-discretionary basis. Discretion
means that when AEGIS believes it is appropriate, and without further consultation with the client, AEGIS may buy or sell
securities to achieve the objective expressed by the client. The discretionary nature of the relationship does not create a
custody relationship between AEGIS and the client. The client can terminate their agreement anytime and receive a
pro-rata return of any unearned fees. Clients may impose reasonable restrictions on managing the account(s). However,
the client retains every ownership right to their account(s), including the right to withdraw assets from the account(s).
Accounts will be in the custody of Raymond James or a similar custodian, each a qualified custodian, as that term is used
in the Advisers Act and Release No. 2176. Accounts will be opened with the request and signed application of the client,
thereby notifying each client of their custodial relationship. In addition, each custodian will send each client a statement,
at least quarterly, detailing the balances and activities in each account over the previous quarter, including the fees
collected by AEGIS. Custodians may be registered brokers/dealers and SIPC members. Clients are strongly urged to review
the statements provided by the custodian for any inaccuracy and to immediately notify AEGIS and the custodian of any
inaccuracies or substantive inconsistencies.
Portfolio management services include, but are not limited to, the following:
• Investment Strategy • Personal Investment Policy • Asset Allocation
• Asset Selection • Risk Tolerance • R e g u l a r Portfolio Monitoring
AEGIS evaluates each client's current investments concerning risk tolerance and time horizon. Risk tolerance levels are
documented and reviewed periodically. In addition, AEGIS will contact each client at least annually to review their
account(s) and to determine whether there should be any changes to the client’s suitability profile or how each account is
being managed.
Consulting Services
AEGIS provides consulting services oriented toward existing investment portfolios, employer retirement plans,
insurance, annuities, and other investments on a non-discretionary basis. Consulting services will generally involve
recommendations to the client based on the options available to the client following an analysis of the existing
investment and a review of the client’s goals, risk tolerance, time horizon, and similar suitability considerations.
Consulting services may also include advice regarding risk management, retirement projections, estate planning,
business planning, and advanced tax planning. All these services would collectively be considered consulting services.
Consulting services through AEGIS are intentionally broad in scope and will vary in complexity while being tailored
to address the material issues surrounding each client’s financial goals.
Consulting services may result in the delivery of a written analysis for financial planning. The plan may be implemented
at the client’s discretion in any manner or degree that the client chooses. The client is free to follow the plan, in
whole or in part, and may do so with any investment advisor or company they choose.
Consulting services are contracted on an hourly or flat fee basis. Flat fees for basic projects start as low as $1,500 but
can be significantly higher depending on the complexity and duration of the project. A written consulting agreement will
be provided before any services are initiated. If the fees paid for consulting services are exhausted by those services, an
additional contract and fee arrangement would be required for ongoing wealth management services. AEGIS may require
a deposit equal to 100% of the estimated fee. Should services be terminated before completing a written analysis or
plan, the client will be entitled to a refund of prepaid and unearned fees.
CLIENT-TAILORED SERVICES AND CLIENT-IMPOSED RESTRICTIONS
AEGIS tailors its services to the individual needs of each client. Therefore, AEGIS may make trades or advise one client that
is different from the advice or actions it takes for another client. Clients are relied upon to provide current and accurate
information to AEGIS regarding their investments and financial situation. This would include the client’s financial
condition, investment objectives, tolerance for risk, investment time frame, need for liquidity, investment experience,
and tax status. AEGIS will rely upon the information provided by the client, and the client is responsible for ensuring
that the information provided to AEGIS is current, complete, and accurate.
The client may restrict investing in particular securities or types based on their values or beliefs. However, the restrictions
prevent AEGIS from adequately servicing the client account or would require AEGIS to deviate from its standard suite of
services. In that case, AEGIS reserves the right to end the relationship.
ASSETS UNDER MANAGEMENT
As of December 31st, 2023, AEGIS managed the following client assets:
Discretionary Amounts Non-discretionary Amounts Date Calculated
$349,788,379 $7,133,352 December 29, 2023