Firm Description
Roundview Capital, LLC (“Roundview”) was founded in 2008.
Roundview is an independent advisory firm that provides financial advice and portfolio
management to individuals and their family members, pension and profit-sharing plans,
trusts, estates, charitable organizations, and corporations or business entities.
Roundview does not sell annuities, insurance, stocks, bonds, mutual funds, limited
partnerships, or other commissioned products. The firm is not affiliated with entities that
sell financial products or securities. No commissions in any form are accepted. No finder’s
fees are accepted.
Howard T. Alter, Stephen K. Shueh, and Andrew S. Lieu are the principal owners of
Roundview.
Types of Advisory Services
Roundview provides investment advisory services, also known as asset management
services, and furnishes investment advice through consultations. Roundview provides
investment advisory services specific to the needs of each client. Before providing
investment advisory services, Roundview will ascertain the client’s investment
objective(s). Roundview will then invest (or recommend that the client invest) the
portfolio consistent with the designated investment objective(s).
Roundview, to the extent requested by an individual client, also provides financial
planning and consulting services (including investment and non-investment related
matters, including estate planning, tax planning, insurance, etc.), as well as tax
preparation services. Roundview may recommend the services of other professionals for
implementation purposes. The client is under no obligation to engage the services of any
such recommended professional. The client retains absolute discretion over all such
implementation decisions and is free to accept or reject any recommendation from
Roundview. Conflicts of interest will be disclosed to the client prior to the potential for a
conflict to occur.
Before engaging Roundview to provide investment advisory services, clients are
required to enter into an agreement with Roundview setting forth the terms and
conditions of the engagement, describing the scope of the services to be provided, and
the fees that a client will incur. Roundview shall generally price its services based upon
various objective and subjective factors. As a result, Roundview’s clients could pay
diverse fees based upon the market value of their assets, the complexity of the
engagement, and the level and scope of the consulting services to be rendered. See Fee
Differentials below.
The client can engage Roundview to provide discretionary and/or, in limited
circumstances, non-discretionary investment advisory services on a fee basis. Non-
Discretionary Service Limitations. Clients that engage Roundview on a non-
discretionary investment advisory basis must be willing to accept that Roundview
cannot effect any account transactions without obtaining prior consent to any such
transaction(s) from the client. Thus, in the event that Roundview would like to make a
transaction for a client’s account (including in the event of an individual holding or
general market correction), and the client is unavailable, Roundview will be unable to
effect the account transaction(s) without first obtaining the client’s consent.
As of December 31, 2023, Roundview manages approximately $1.41 billion in regulated
assets for approximately 497 clients. Approximately $1.3 billion is managed on a
discretionary basis, and $109 million is managed on a non-discretionary basis.
Tailored Relationships
Our investment advice is provided through consultation with the client. Roundview
establishes an asset allocation structure appropriate for each client based on the client’s
financial objectives, financial position, investment horizon, present and anticipated levels
of income, tax status, and risk tolerance. Once the basic allocation is established for and
reviewed with the client, an Investment Policy Statement is prepared for and executed
by the client.
Clients may impose restrictions on investing in certain securities or types of securities.
Services are not limited to specific types of investments.
Types of Agreements
The following agreements define the typical client relationships.
I. Investment Advisory Agreement - Clients choose to have Roundview manage
their assets in order to obtain ongoing investment advice. The scope of work and
fee for an Investment Advisory Agreement is provided to the client in writing
prior to the start of the relationship. Please see Item 5. Fees and Compensation for
more information regarding fees and compensation for Investment Advisory
Services.
II. Strategic Investment Counseling Agreement - In some circumstances, a
Strategic Investment Counseling Agreement is executed in lieu of an Investment
Advisory Agreement when it is more appropriate to work on a fixed-fee basis.
Roundview will provide such selected clients with financial advice on an
intermittent or periodic basis. This advice includes review, analysis, and
recommendations regarding the clients’ assets and investment portfolio.
Roundview may or may not manage these assets or portfolios and may or may not
have discretionary authority over them. With respect to its strategic investment
counseling services, each client receives and executes a Strategic Investment
Counseling Agreement provided by Roundview, which includes detail on the
appropriate fee. Please see Item 5. Fees and Compensation, for more information.
III. Retirement Plan Services
a. Trustee-Directed Plans. Roundview may be engaged to provide discretionary
or non-discretionary investment advisory services to pooled retirement plans
qualified under the Employee Retirement Income Security Act of 1974
(“ERISA”). In such engagements, Roundview shall manage retirement plan
assets consistent with the investment objective(s) designated by the plan
trustees and will serve as an investment fiduciary as that term is defined under
ERISA Section 3(21). When such services are provided on a discretionary
basis, Roundview also serves as an ERISA Section 3(38) investment manager.
b. Participant Directed Retirement Plans. Roundview may also provide
investment advisory and consulting services to participant-directed
retirement plans. For such engagements, Roundview shall assist the plan
sponsor with the selection of an investment platform from which plan
participants shall make their respective investment choices (which may
include investment strategies devised and managed by Roundview), and, to
the extent engaged to do so, may also provide corresponding education to
assist the participants with their decision-making process.
c. Client Retirement Plan Assets. If requested to do so, Roundview can also
provide investment advisory services relative to a participant’s retirement
plan assets. In such event, Roundview shall allocate (or recommend that the
participant allocate) the retirement account assets among the investment
options available on the plan platform. Roundview’s investment options may
be limited to the allocation of the assets among the investment alternatives
available through the plan.
Please see Item 5. Fees and Compensation, for more information regarding fees
and compensation for Retirement Plan
Services.
A client may terminate any of the aforementioned agreements at any time by notifying
Roundview in writing and paying the pro rata rate for the time spent on the investment
advisory engagement prior to notification of termination. If the client made an advance
payment, Roundview will refund any unearned portion of the advance payment.
Roundview may terminate any of the aforementioned agreements at any time by
notifying the client in writing. Roundview will collect the pro rata basis rate for the time
spent on the investment advisory engagement prior to notification of termination. If the
client made an advance payment, Roundview will refund any unearned portion of the
advance payment.
Please see Item 5. Fees and Compensation, for more information.
Miscellaneous
Limitations of Financial Planning and Non-Investment Consulting/
Implementation Services: To the extent requested by a client, Roundview will provide
financial planning and related consulting services regarding non-investment related
matters, such as estate planning, tax planning, insurance, etc. Roundview will generally
provide such consulting services inclusive of its advisory fee set forth at Item 5 below,
but may, depending upon the amount of assets under management and/or scope of the
services to be provided, determine to charge a mutually agreed upon hourly or fixed fee
depending upon the complexity and scope of the services to be provided, per the terms
and conditions of a separate written agreement.
To the extent requested by a client, Roundview may provide tax preparation as part of its
advisory fee set forth at Item 5 below for certain clients based upon the amount of assets
placed under Roundview’s management.
Please Note: Our financial planning and consulting services generally serve as “issue
spotting.” Roundview may recommend the services of other professionals for certain
implementation purposes (i.e., attorneys, accountants, insurance, etc.), including the
spouse of a Roundview member in her separate capacity as a licensed attorney, thereby
presenting a conflict of interest. Please see disclosures at Item 10 below. The client is
under no obligation to engage the services of any such recommended professional. The
client retains absolute discretion over all such implementation decisions and is free to
accept or reject any recommendation from the advisor and/or its representatives. If the
client engages any recommended unaffiliated professional and a dispute arises thereafter
relative to such engagement, the client agrees to seek recourse exclusively from and
against the engaged professional.
Please Note: Roundview does not serve as an attorney or insurance agent and no portion
of our services should be construed as legal or insurance services. Accordingly,
Roundview does not prepare estate planning documents or sell insurance products.
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 Roundview recommends that a client
roll over their plan assets into an account to be managed by Roundview, such a
recommendation creates a conflict of interest if Roundview will earn new (or increase its
current) compensation as a result of the rollover. Please Note: Roundview does not
generally provide rollover recommendations to clients. However, if Roundview was to
provide a recommendation as to whether a client should engage in a rollover or not
(whether it is from an employer’s plan or an existing IRA), Roundview would be 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 Roundview, whether it is from an employer’s plan
or an existing IRA.
Reporting Services: Roundview can also provide account reporting services, which can
incorporate client investment assets that are not part of the assets that Roundview
manages (the “Excluded Assets”). Unless agreed to otherwise, in writing, the client
and/or his/her/its other advisors that maintain trading authority, and not
Roundview, shall be exclusively responsible for the investment performance of the
Excluded Assets. Unless also agreed to otherwise, in writing, Roundview does not
provide investment management, monitoring or implementation services for the
Excluded Assets. The client can engage Roundview to provide investment management
services for the Excluded Assets pursuant to the terms and conditions of the Investment
Advisory Agreement between Roundview and the client.
Cryptocurrency: For clients who want exposure to cryptocurrencies, including Bitcoin,
Roundview will consider investment in corresponding exchange traded securities, or an
allocation to separate account managers and/or private funds that provide
cryptocurrency exposure. Crypto is a digital currency that can be used to buy goods and
services, but uses an online ledger with strong cryptography (i.e., a method of protecting
information and communications with codes) to secure online transactions. Unlike
conventional currencies issued by a monetary authority, cryptocurrencies are generally
not controlled or regulated and their price is determined by the supply and demand of
their market. Cryptocurrency is currently considered to be a speculative investment. The
speculative nature of cryptocurrencies notwithstanding, Roundview may (but is not
obligated to) utilize crypto exposure in one or more of its asset allocation strategies for
diversification purposes. Please Note: Investment in cryptocurrencies is subject to the
potential for liquidity constraints, extreme price volatility and complete loss of
principal. Notice to Opt Out. Clients can notify Roundview, in writing, to exclude
cryptocurrency exposure from their accounts. Absent Roundview’s receipt of such
written notice from the client, Roundview may (but is not obligated to) utilize
cryptocurrency as part of its asset allocation strategies for client accounts.
Affiliated Private Fund: Roundview and its Principals are affiliated with Roundview
Capital Partners Series Fund, LLC (the “Fund”), a private investment fund. The Fund has
completed distributions to its investors and is in the process of termination.
Client Obligations
In performing our services, Roundview shall not be required to verify any information
received from the client or from the client’s other professionals and is expressly
authorized to rely thereon. Clients are responsible for promptly notifying Roundview if
there is ever any change in their financial situation or investment objectives so that
Roundview can review, and if necessary, revise its previous recommendations or
services.
Wrap Fee Program
Roundview does not participate in or sponsor a wrap fee program.