Biechele Royce Advisors, Inc.(“BRA”) is a SEC-registered investment adviser with its principal
place of business located in Fishers, Indiana. Biechele Royce Advisors, Inc. began conducting
business in 1994.
Listed below are the firm's principal shareholders (i.e., those individuals and/or entities
controlling 25% or more of this company).
• Justin Biechele Whelan III, President
Biechele Royce Advisors, Inc. offers the following advisory services to our clients:
INVESTMENT SUPERVISORY SERVICES ("ISS")
INDIVIDUAL PORTFOLIO MANAGEMENT
Our firm provides continuous advice to a client regarding the investment of client funds based on
the individual needs of the client. Through personal discussions in which goals and objectives
based on a client's particular circumstances are established, we develop a client's personal
investment policy, create and manage a portfolio based on that policy. During our data-gathering
process, Biechele Royce Advisors, Inc. determines the client’s individual objectives, time horizons,
risk tolerance, and liquidity needs. As appropriate, we also review and discuss a client's prior
investment history, as well as family composition and background.
We manage these advisory accounts on a discretionary basis. Account supervision is guided by
the client's stated objectives (i.e., maximum capital appreciation, growth, income, or growth and
income), as well as tax considerations.
Biechele Royce Advisors, Inc. first identifies each client's unique goals as it relates to their overall
needs for income, growth, capital preservation, cash reserves, inflation protection, and any other
specific needs. This information is used to determine the appropriate asset allocation for the
portfolio, implement the agreed upon allocation, and continuously monitor the portfolio. We believe
portfolios need to be actively managed over time for life changes as well as valuation changes in
asset classes and securities.
A client's investment stages may include, but are not limited to:
Accumulation
This stage attracts clients with longer time horizons for investments and little or no need for
current income. At this stage, the primary objective is accumulating capital for a future need.
Equity investments are favored for long term growth along with a small fixed income component
for diversification.
Preservation
Prior to retirement, a gradual transition may occur from accumulation to preservation. This is
primarily achieved by introducing more income generating components to the portfolios, resulting
in a more conservative portfolio leading up to retirement. In addition to the securities used in the
accumulation stage, fixed income and hedged investments may be used to further diversify.
Retirement
Once reaching this stage, a client's objective often shifts to income generation and capital
preservation as primary goals. This frequently requires a more conservative portfolio emphasizing
income over growth, but keeping a growth component to hedge against inflation. A carefully
constructed portfolio of dividend paying stocks, high quality stocks, multi-sector bonds, hedged
equities, and cash may be used to target a level of income as well as growth. As always, portfolios
are customized to adhere to each client's unique set of circumstances and needs.
Clients may impose reasonable restrictions on investing in certain securities, types of
securities, or industry sectors.
Our investment recommendations are not limited to any specific product or service offered by a
broker-dealer or insurance company and will generally include advice regarding the following
securities:
• Exchange-listed securities
• Securities traded over-the-counter
• Foreign issuers
• Warrants
• Corporate debt securities (other than commercial paper)
• Commercial paper
• Certificates of deposit
• Municipal securities
• Variable annuities
• Mutual fund shares
• United States governmental securities
• Options contracts on securities
• Interests in partnerships investing in real estate
• Interests in partnerships investing in oil and gas
• Interests in partnerships investing in private placements
Because some types of investments involve certain additional degrees of risk, they will only be
implemented/recommended when consistent with the client's stated investment objectives,
tolerance for risk, liquidity and suitability.
FINANCIAL PLANNING
We provide financial planning services. Financial planning is a comprehensive evaluation of a
client’s current and future financial state by using currently known variables to predict future cash
flows, asset values and withdrawal plans. Through the financial planning process, all questions,
information and analysis are considered as they impact and are impacted by the entire financial
and life situation of the client. Clients purchasing this service receive a report which provides the
client with a detailed financial plan designed to assist the client to achieve his or her financial goals
and objectives.
In general, the financial plan can address any or all of the following areas:
• PERSONAL: We review family records, budgeting, personal liability, estate information and
financial goals.
• TAX & CASH FLOW: We analyze the client’s income tax, spending and planning for past,
current and future years; then illustrate the impact of various investments on the client's current
income tax and future tax liability.
• INVESTMENTS: We analyze investment alternatives and their effect on the client’s portfolio.
• INSURANCE: We review existing policies to ensure proper coverage for life, health, disability,
long-term care, liability, home and automobile.
• RETIREMENT: We analyze current strategies and investment plans to help the client achieve
his or her retirement goals.
• DEATH & DISABILITY: We review the client’s cash needs at death, income needs of surviving
dependents, estate planning and disability income.
• ESTATE: We assist the client in assessing and developing long-term strategies, including as
appropriate, living trusts, wills, review estate tax, powers of attorney, asset protection plans,
nursing homes, Medicaid and elder law.
We gather required information through in-depth personal interviews. Information gathered
includes the client's current financial status, tax status, future goals, return objectives, and
attitudes towards risk. We carefully review documents supplied by the client, including a
questionnaire completed by the client, and prepare a report. Should the client choose to
implement the recommendations contained in the plan, we suggest the client work closely with
his/her attorney, accountant, insurance agent, and/or stockbroker. Implementation of financial
plan recommendations is entirely at the client's discretion.
We also provide general non-securities advice on topics that may include tax and budgetary
planning, estate planning and business planning.
Typically the financial plan is presented to the client within six months of the contract date,
provided that all information needed to prepare the financial plan has been promptly provided.
Financial planning recommendations are not limited to any specific product or service offered by a
broker-dealer or insurance company. All recommendations are of a generic nature.
We offer non-discretionary services. This is mostly offered through retirement plans such as
401k, 403b, and Money Purchase Plans.
SUB-ADVISOR SERVICES
We serve as a sub-advisor to one or more unaffiliated Registered Investment Advisors,
generally via sub-advisory agreement or dual-contract arrangements. We offer Individual
Portfolio Management. This includes active investment management through individual
public securities, Exchange Traded Funds, and mutual funds. This relationship is not for
suitability. We have discretionary authority to management these assets in accordance with
the directions from the unaffiliated Registered Investment Advisors. The unaffiliated
Registered
Investment Advisor will have the fiduciary responsibility and we will be directed by
them.
The second service offering would be Investment Advisory Services(IAS), which includes the
Individual Portfolio Management Services described above and in addition, includes Financial
Planning Services. As a more robust offering this would render higher fees paid to Biechele
Royce Advisors, Inc.
EAGLE INCOME FUND, LLC
Our Adviser also offers The Eagle Income Fund LLC. The Eagle Income Fund, LLC is not
required to register under the Securities Act of 1933 or the Investment Company Act of 1940 in
reliance upon certain exemptions available to issuers whose securities are not publicly offered.
BRA does not have discretion to purchase private equity investments in the Eagle Income Fund,
LLC. Clients must sign separate forms and subscription agreements to authorize these
purchases. Although BRA manages the separate investment of the Fund on a discretionary basis
in accordance with the terms and conditions of the Fund’s offering and organizational documents,
investors should be aware that we act as the managing member. We are considered to have
custody of these funds. We offer this fund to clients of BRA that are accredited investors.
The Funds sole focus invests in a subordinated debenture in the Eagle Financial Services, Inc.
The debenture is held on the books of Eagle Financial Services, Inc. The Fund receives the
interest from the debenture and distributes it to the members in pro-rata portion. The objective
of the Fund will be to return principal after a specified period of time.
Current Fund investors and prospective investors in any new Fund launched by Eagle Funds
should be aware of the substantial risks associated with investments as well as the terms
applicable to such investments. This and other detailed information will be provided in the Fund
offering and organizational documents.
IRONWOOD INCOME FUND, LLC
Our Adviser also offers Ironwood Income Fund, LLC. The Fund is not required to register under
the Securities Act of 1933 or the Investment Company Act of 1940 in reliance upon certain
exemptions available to issuers whose securities are not publicly offered. BRA does not have
discretion to purchase private equity investments in the Ironwood Income Fund, LLC. Clients
must sign separate forms and subscription agreements to authorize these purchases. Although
BRA manages the separate investment of the Fund on a discretionary basis in accordance with
the terms and conditions of the Fund’s offering and organizational documents, investors should
be aware that we act as the managing member. We are considered to have custody of these
funds. We offer this fund to clients of BRA.
The Funds sole focus invests an equity position in the Ironwood Fund VIII, LLC. The Fund is
expected to receive semi-annual distributions and pass through to the members in pro-rata
portion. The objective of the Fund is appreciation and income. Investors are required to remain in
the Fund until it matures which is expected in five years.
Current Fund investors and prospective investors in any new Fund launched by Ironwood Income
Fund should be aware of the substantial risks associated with investments as well as the terms
applicable to such investments. This and other detailed information will be provided in the Fund
offering and organizational
OVATION INCOME FUND, LLC
Our Adviser also offers The Ovation Income Fund LLC. The Ovation Income Fund, LLC is not
required to register under the Securities Act of 1933 or the Investment Company Act of 1940 in
reliance upon certain exemptions available to issuers whose securities are not publicly offered.
BRA does not have discretion to purchase private equity investments in the Ovation Income Fund,
LLC. Clients must sign separate forms and subscription agreements to authorize these
purchases. Although BRA manages the separate investment of the Fund on a discretionary basis
in accordance with the terms and conditions of the Fund’s offering and organizational documents,
investors should be aware that we act as the managing member. We are considered to have
custody of these funds. We offer this fund to clients of BRA.
The Funds sole focus invests an equity position in the Ovation Alternative Income Fund, LP. The
Fund is expected to receive quarterly distributions and pass through to the members in pro-rata
portion. The objective of the Fund is income. Investors are required to remain in the Fund for
one year.
Current Fund investors and prospective investors in any new Fund launched by Ovation Funds
should be aware of the substantial risks associated with investments as well as the terms
applicable to such investments. This and other detailed information will be provided in the Fund
offering and organizational documents.
BAY POINT INCOME FUND, LLC
Our Adviser also offers The Bay Point Income Fund LLC. The Bay Point Income Fund, LLC is not
required to register under the Securities Act of 1933 or the Investment Company Act of 1940 in
reliance upon certain exemptions available to issuers whose securities are not publicly offered.
BRA does not have discretion to purchase private equity investments in the Bay Point Income
Fund, LLC. Clients must sign separate forms and subscription agreements to authorize these
purchases. Although BRA manages the separate investment of the Fund on a discretionary basis
in accordance with the terms and conditions of the Fund’s offering and organizational
documents,investors should be aware that we act as the managing member. We are considered
to have custody of these funds. We offer this fund to clients of BRA.
The Funds sole focus invests an equity position in the Bay Point Capital Partners, LP. The Fund
is expected to receive quarterly valuations and pass through to the members in pro-rata portion.
The objective of the Fund is income with little correlation to traditional equity and fixed income
securities. Investors are required to remain in the Fund for one year.
Current Fund investors and prospective investors in any new Fund launched by Bay Point Income
Fund, LLC should be aware of the substantial risks associated with investments as well as the
terms applicable to such investments. This and other detailed information will be provided in the
Fund offering and organizational documents.
EAGLE INCOME FUND III, LLC
Our Adviser also offers The Eagle Income Fund III, LLC. The Eagle Income Fund III, LLC is not
required to register under the Securities Act of 1933 or the Investment Company Act of 1940 in
reliance upon certain exemptions available to issuers whose securities are not publicly offered.
BRA does not have discretion to purchase private equity investments in the Eagle Income Fund III,
LLC. Clients must sign separate forms and subscription agreements to authorize these
purchases. Although BRA manages the separate investment of the Fund on a discretionary basis
in accordance with the terms and conditions of the Fund’s offering and organizational documents,
investors should be aware that we act as the managing member. We are considered to have
custody of these funds. We offer this fund to clients of BRA that are accredited investors.
The Funds sole focus invests in a subordinated debenture in the Eagle Financial Services, Inc.
The debenture is held on the books of Eagle Financial Services, Inc. The Fund receives the
interest from the debenture and distributes it to the members in pro-rata portion. The objective
of the Fund will be to return principal after a specified period of time.
Current Fund investors and prospective investors in any new Fund launched by Eagle Funds
should be aware of the substantial risks associated with investments as well as the terms
applicable to such investments. This and other detailed information will be provided in the Fund
offering and organizational documents.
AMOUNT OF MANAGED ASSETS
As of 03/24/2024, we were managing $659,842,002 of clients' assets on a
discretionary basis. Also, we were managing $58,390,332 on a non-discretionary
basis.