Fiducient Advisors, LLC is a registered investment adviser with the U.S. Securities and Exchange
Commission (“SEC”) with its principal place of business located in Chicago, Illinois. References
to “we”, “us”, “our”, “the firm”, “Fiducient Advisors” refer to Fiducient Advisors LLC unless the
context otherwise requires.
We provide professional investment advisory and consulting and investment management services
to institutional and non-institutional clients including, but not limited to, defined benefit and
defined contribution plans (public and private), not-for-profit organizations, registered investment
advisers, individuals and family office.
A. Ownership and Management
Fiducient Advisors (formerly DiMeo Schneider & Associates, LLC) was established in 1995. We
are currently owned by Fiducient Holdings, LLC, a limited liability company formed in the State
of Delaware. Fiducient Advisors is a joint venture with two distinct membership classes. Class A
membership interests are owned by individual Partners. Class B membership interest is owned by
NFP Corp. (“NFP”). We have maintained a relationship with NFP since September 2000.
NFP also owns other registered investment advisers, broker-dealers, insurance agencies and other
product and service providers. Fiducient Advisors is under no obligation to sell any products or
recommend any services to our clients as a result of NFP’s ownership.
The Chief Executive Officer, Sabrina M. Bailey is charged with running Fiducient Advisors’ day-
to-day operations. She is supported by Fiducient Advisors’ Executive Committee.
B. Business Lines
1. Retirement Plans:
Our personal approach to working with retirement plan sponsors allows us to build strong,
committed relationships with clients and offer tailored strategies intended to help reduce expenses,
improve performance and satisfy fiduciary responsibilities.
A. Retirement Plans – Participant Directed
• Defined Contribution Plans – ERISA 3(21) Services: We provide certain
non-discretionary services specifically designed to meet the needs of
participant-directed plans. These services include assistance in determining
the type and number of investments to be offered to participants, a fiduciary
governance calendar, development of criteria to be used in selecting service
providers, evaluation of recordkeeping fees, investment manager evaluations,
drafting governance documents and participant education, which can include
enrollment seminars and written educational materials. Depending on the
situation, some clients will pay a fee to us for certain written educational
materials, either as an explicit fee or as part of a bundled fee arrangement.
• Defined Contribution Plans – ERISA 3(38) Services: We also accept and
acknowledge discretionary authority over retirement plan sponsors’
investment options as an ERISA 3(38) investment manager which allows us
to select, monitor and replace investment options.
B. Cash Balance Plans, Traditional Defined Benefit Plans, Non-Participant
Directed Defined Contribution Plans, Other Post-retirement Employee
Benefits Plans, VEBA Trusts and Taft Hartley Plans
• We provide investment advice, either on a discretionary or non-discretionary
basis, to non-participant directed retirement plans. Client services typically
include a fiduciary governance calendar, development/refinement/review of
investment policy statements, asset allocation analysis, independent manager
search, review and recommendations, investment performance measurement,
analysis and reporting, portfolio diagnostic review and vendor searches. For
some clients, we may provide asset liability analysis and periodic estimates of
the plan’s funded position based on information received by the plan’s actuary.
• We will also provide other projects or services to non-discretionary and
discretionary retirement clients if clients request a specific service and defined
in the agreement. Each client situation and level of discretionary authority are
different as are the fees we charge for such services.
C. Fiducient Advisors Financial Wellness Service
• We provide non-advisory financial education services to plan participants
through an interactive Financial Wellness Website offering financial education
such as budgeting, debt management, managing credit and retirement.
D. Fiducient Advisors Pooled Employer Plan
• We serve as investment manager as an ERISA 3(38) to the Fiducient Advisors
Pooled Employer Plan (PEP) within the meaning of ERISA Section 3(43) that
is established and maintained by Newport Group, Inc., the Pooled Plan
Provider of the PEP, for the purpose of providing retirement benefits to
employees of two or more employers.
2. Endowments and Foundations and other nonprofits:
Typical client types we serve in this business unit include colleges and universities, hospitals and
healthcare groups, associations, independent schools, cultural institutions, charitable
organizations, religious institutions, senior living/continuing care institutions and other nonprofit
groups.
Our investment approach is predicated on our robust capital market and investment manager
research, with a focus on building diversified, efficient and cost-effective portfolios and
identifying optimal investment managers. Our approach to serving our endowment and foundation
clients involves not only asset allocation and manager selection, but also review/creation of
Investment Policy Statements, spending policy, fee negotiation, peer benchmarking, governance
and administrative/operational assistance.
A. OCIO Services (Discretionary): We assist clients on a discretionary basis with
establishing investment objectives and policies. We then assume responsibility for
asset allocation and portfolio construction, investment manager due diligence and
selection, investment performance measurement, analysis and reporting,
operational and administrative support, investment program governance and client
education.
B. Consulting (Non-Discretionary): We offer non-discretionary investment advice
and support to clients. This includes assisting the client with establishing
investment objectives and policies, asset allocation, portfolio construction,
investment manager due diligence and selection, investment performance
measurement, analysis and reporting, investment program governance and client
education. Under our non-discretionary model, clients can engage us for our
Implemented Services program which includes, based on client need, various levels
of administrative and operational support services.
We will also provide other projects or services to non-discretionary and discretionary clients if a
client requests a specific service. Each client situation and level of discretionary authority are
different, as are the fees we charge for such services.
3. Wealth Management-The Wealth Office®
A. The Wealth Office® offers investment and financial planning services to private
clients, family offices, corporate executives, business owners and family
foundations. Specific client investment strategies are crafted to focus on the client’s
specific goals and objectives. Fiducient recommends its full financial planning
services only to those clients whose needs and financial circumstances warrant such
services. In other instances, for those clients who either do not need or desire
comprehensive financial planning services, Fiducient offers investment-only
services. As part of this service, we will analyze the client’s current investment
portfolio and will, as necessary, make recommendations relative to the portfolio
and its holdings. Those recommendations are based on the client’s stated
investment goals, objectives and risk tolerance. Similarly, some clients benefit from
only receiving financial planning services. As part of this service, we will analyze
the client’s financial situation and prepare a financial plan for the client, but we will
not provide specific investment recommendations or ongoing investment
advisory/management services to the client.
B. Given that each client situation and level of discretionary authority is different,
the fees we charge for such services can vary and are customized based on client
scope and circumstances.
C. Disciplined Portfolio Advisor (“DPA”):
The DPA investment program is currently closed to new clients.
The DPA investment program is designed for clients who usually fall below our
typical minimum account size and can be affiliated with existing clients or friends
of the firm. A client in the DPA program accesses our best ideas on asset allocation,
manager selection and portfolio rebalancing by investing in low-cost mutual funds
and ETFs. As a result, the client will have access to a diversified portfolio similar
to one of the hypothetical model portfolios created, monitored and approved by our
Investment Committee.
Importantly, it is the responsibility of each client in the DPA program to be actively
involved in and formally approve the selection of the appropriate model portfolio
strategy. Further, it is the client’s responsibility to notify us of any changes to the
information provided on their Confidential Investor Profile. Clients have daily
access to a personalized website through their custodian detailing their portfolio
and they receive monthly statements or a link with their monthly statements from
their custodian.
D. Model Portfolio Programs
Separate from but similar to the DPA Program described above, we created and
monitor two additional model portfolios programs. The first is accessible to
investors associated with advisers who are not affiliated with Fiducient Advisors.
In this program, each non-affiliated adviser retains sole responsibility for
determining the needs of their client and choosing which model can be appropriate.
We do not have direct knowledge of, nor direct communication with, the non-
affiliated adviser’s underlying client. The model portfolios have a minimum
investment requirement of $50,000
and are appropriate for clients who wish to
pursue one of the following broad investment strategies: cautious, conservative,
balanced, moderately aggressive and aggressive.
The second model portfolio program is accessible only to members of the American
Society of Association of Executives (“ASAE”). The ASAE Investment
Management Solution (formerly known as the ASAE Endowment, Foundation, and
Investment Reserve Program) has a current minimum investment requirement of
$500,000 and is appropriate for ASAE members who wish to pursue one of the
following broad investment strategies: income, conservative, moderate growth and
growth.
Importantly, although ASAE markets this program, advisory contracts are solely
between members choosing to invest in the program and us. It is the responsibility
of each client in the program to be actively involved in and formally approve the
selection of the appropriate model portfolio strategy. Further, it is the client’s
responsibility to notify us of any changes to the information provided on their
Confidential Investor Profile. Clients have daily access to a personalized web site
through their custodian detailing their portfolio and they receive monthly
statements from their custodian.
As it relates to all model programs, it is not possible to invest in shares of any
model; instead, a portfolio owns the underlying funds to accomplish the strategic
goals of each model. We exercise investment discretion in implementing each
strategy and rebalancing the portfolios as appropriate. We have general electronic
communications to inform our model portfolio clients about the performance of the
hypothetical model portfolios and to highlight current economic developments.
Any individual or entity participating in any model program will be required to
utilize Charles Schwab & Co., Inc. as broker and custodian. See Item 12 Brokerage
Practices for more information.
4. Financial Institutions Advisory Business:
We assist financial institutions with asset allocation strategies, investment manager research and
selection, performance reporting, marketing support and other services in exchange for a flat fee.
The representatives of the financial institutions retain the authority to approve or reject all asset
allocation strategies, investment manager recommendations or other materials that result from our
services. In addition, each representative of the financial institutions retains sole responsibility for
determining the needs of their client and in choosing which strategies or managers can be
appropriate for them. From time to time, we can enter into a relationship with an underlying client
of the financial institution to help provide services described in this Brochure, but only after
executing a written investment advisory agreement between us and that underlying client. Other
than in these instances, we do not have direct knowledge of, nor direct communication with, the
underlying client of the financial institution or registered investment adviser.
Fiducient Advisors serves as investment manager or the sub-adviser to certain private fund
vehicles. Where suitable or appropriate, they may be offered to accredited or qualified purchaser
clients of The Wealth Office and Foundations and Endowments clients on a private placement
basis.
5. Assets Under Advisement and Assets Under Management
As of December 31, 2023, we had approximately $26,724,121,929 billion of regulatory assets
under management. Assets Under Advisement (“AUA”) may appear in client and sales materials
in addition to Fiducient Advisors’ regulatory Assets Under Management (“AUM”). AUA is
presented when, due to the nature of the contractual agreements with certain clients, we provide
consultative advice to our clients in a non-discretionary capacity and do not maintain discretionary
authority over the clients’ portfolios(s). In such relationships, the clients maintain the ability and
authority to manage and allocate assets within their own portfolio(s) independent of our advice.
Therefore, these clients are not reflected within regulatory assets under management. Instead, these
engagements are represented as part of Fiducient’s AUA. In the instance that AUA is listed in
client or sales materials it will be accompanied by relevant disclosure indicating how AUA has
been calculated.
E. General Services Offered to Clients:
Based on our contract with a client, we will offer a broad range of services outlined below in
several business units. We can also offer additional services which are individually negotiated with
each client. These services can be offered through OCIO (Outsourced Chief Investment Officer)
model or as non-discretionary investment consulting services.
1. Asset Allocation Studies – Assistance is provided in the development and
preparation of asset allocation studies and investment policy statements. These services typically
involve analyzing a client’s liquidity requirements, performance goals and risk tolerance levels as
described to us by the client.
2. Asset Liability Analysis – Asset liability analysis focuses on issues of asset mix
and its impact on the projected future risk and return of the pension surplus/deficit for defined benefit
plans given certain actuarial information provided by each plan’s outside actuary.
3. Vendor Searches – We assist clients in evaluating and comparing vendors that
provide actuarial, recordkeeping, custodian, trust and other vendor services.
4. Investment Manager Searches – We recommend investment managers from
those included in our various databases that appear to be suitable for a client based upon information
made available by the client (including the client’s goals and financial needs) and by the managers.
Where consistent with a client’s profile (including a consideration of suitability, investment
objectives, risk tolerance and liquidity needs), we can recommend interest in limited and private
offerings, including but not limited to interests in private equity, hedge funds and venture capital
investments. Such limited and private offerings carry additional risks which are described in Item 8.
5. Mutual Fund Searches – We recommend mutual funds for clients based on our
proprietary research and information publicly available.
6. Performance Monitoring and Evaluation Reports – We will provide client
performance reports on a periodic basis. The performance reports typically provide clients with a
summary of assets at the beginning and end of the period, including any additions or withdrawals
and industry standard time-weighted rates of return, or IRR, depending on the appropriate measure
for a given manager or pool of assets. The reports can also include graphic and tabular presentations
of performance (including comparisons to appropriate market indices, inflation and stated goals), as
well as market cycle comparisons, performance attribution and risk/return analysis.
We create performance evaluation reports generally based upon custodial data for client accounts
and information obtained and analyzed from a wide variety of sources, including information
provided directly by investment managers and data services such as Morningstar and Lipper,
amongst others. Although the information collected by us is believed to be reliable and we conduct
due diligence on investment managers to assess the integrity and reliability of managers we
recommend, we do not independently verify all information, nor do we guarantee the accuracy or
validity of such information. For additional information on our manager selection process, please
see Item 8 of this Brochure.
7. Historical Performance Evaluation Reports – We provide historical asset performance
evaluations for funds and/or managed accounts. Such reports can contain the same types of
information as the current reports described above in number 6.
8. Retirement Plan Education – As requested by a plan sponsor, we can provide a range of
general education/communication services including enrollment meetings, printed materials and
various custom programs from time to time.
9. Performance Attribution Reporting – Performance attribution reports provide
quantitative data regarding an investment manager’s effectiveness with respect to market timing,
style implementation, economic sector, and industry and investment selection.
10. Limited Power of Attorney (“LPOA”) Responsibilities – Some clients have a written
agreement with us and/or their custodian/broker that grants us certain administrative and trading
responsibilities. These responsibilities can include an ability to: disburse assets owned by the client
as requested and subject to written approval to the custodian from the client; execute portfolio trades
pre-approved by the client or executed by us for discretionary accounts; and directly obtain fees
earned by us from the respective client accounts held by the custodian/broker. Please refer to Item
15 - Custody for more information.
11. Customized Services – Consistent with our goal to satisfy the unique and special needs of
our clients, we have accepted certain other responsibilities involving a measure of discretionary
control as defined by a written agreement with clients.
12. Reporting on Excluded Assets: We make available reports for clients, which provide
periodic comprehensive reporting services and which can, if requested by a client, incorporate all
the client’s investment assets, including those investment assets that are not part of the assets
managed by us (the “Excluded Assets”). The client or their other advisors that maintain trading
authority over the Excluded Assets are responsible for the management and performance of the
Excluded Assets. Our service relative to the Excluded Assets is limited to reporting and non-
discretionary consulting services only and does not include investment implementation. We do not
have trading authority for the Excluded Assets. The client or their other investment professionals are
responsible for implementing any recommendations made by us for the Excluded Assets.