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RMR Wealth Advisors, LLC ("RMR" or "the Adviser") is a registered investment adviser based in Madison, WI. Organized as
a limited liability company ("LLC") under the laws of the state of Wisconsin, the firm, located at 400 Interlake Drive, Suite 200,
Madison, WI 53716, has been providing investment advisory services since August 2009.
In July 2003, Erik Mikkelson co-founded Rich Mikkelson Rich Financial Advisors, LLC (also known as "RMR Financial Advisors"),
assuming sole ownership in 2009. In 2018, RMR Financial Advisors changed its name to RMR Wealth Advisors, LLC.
Mercer Global Advisors Inc. has entered into an agreement to acquire RMR Wealth Advisors, LLC. The transaction closed on
May 31, 2023, and resulted in a change of ownership. Mercer Global Advisors Inc. owns one hundred (100%) percent of the
operating assets of RMR Wealth Advisors, LLC. Due to the acquisition of RMR Wealth Advisors, LLC, the firm has provided
notice to affected clients of the assignment to Mercer Global Advisors Inc. (an SEC-registered investment advisor) of such
clients’ advisory agreements with RMR Wealth Advisors, LLC to the extent required under applicable law. Once the account
transfer process is complete at the custodial level, RMR Wealth Advisors, LLC will file a Form ADV-W to wind down the advisory
business.
Copies of Mercer Global Advisors’ Part 2A, Form CRS and Privacy Notice are available upon request by calling 888-565-1681
or a
t www.merceradvisors.com.
RMR is primarily owned by its Principals, Erik Mikkelson, Doug Giageos, and Lisa Sowls.
As used in this Brochure, the words "we," "our," and "us" refer to RMR Wealth Advisors, LLC, and the words "you," "your," and
"client" refer to you as either a client or prospective client of our firm. The following paragraphs describe our services and fees.
Please refer to the description of each investment advisory service listed below for information on how we tailor our services to
your needs.
RMR's advisory services are designed and aimed to complement each client's specific needs, as described within its written
services contracts (the "Advisory Agreement," "Agreement," or "contract") that disclose, in substance, the scope of service,
contract term, advisory fee - or formula for computing the fee, amount or manner of calculation of any pre-paid fee to be returned
to the client in the event of non-performance or contract termination, and type of discretionary power granted to RMR. Final
advisory fee structures are documented within the written Agreement. Advisor Representatives are restricted to providing the
services and fees specified within each contract, subject to the client's listed objectives, limitations, and restrictions. Contracts
must be completed and executed to engage in RMR's advisory services. Clients may engage RMR for additional services at
any time. (
Please refer to Item 5: Fees & Compensation and Item 16: Investment Discretion for further details on advisory
services fees and account management styles.)
RMR's advisory services are made available to clients primarily through individuals associated with the firm as Advisor
Representatives. For more information about the investment professional providing advisory services, clients should refer to
their Investment Adviser’s Form ADV 2B Brochure Supplement, a separate disclosure document that their RMR Associate
offers, along with this Brochure before or at the time of relationship inception. Advisor Representatives are required by applicable
rules and policies to obtain licenses and complete training to recommend specific investment products and services. Clients
should be aware that their Advisor Representative may or may not recommend certain services, investments, or models
depending on the licenses or training obtained; they may transact business or respond to inquiries only in the state(s) they are
appropriately qualified. If the client did not receive an ADV 2B Brochure Supplement, they should contact their Advisor
Representative or RMR directly.
Client Responsibilities
RMR's advisory services depend on and rely upon the information received from clients. The Adviser cannot adequately perform
its obligations and fiduciary duties to the client unless the client discloses an accurate and complete representation of their
financial position and investment needs, timely remits requested data or paperwork, provides updates promptly upon changes,
and otherwise fulfills their responsibilities under their Agreement. Advisor Representatives will rely upon the accuracy of
information furnished by the client or their behalf without further investigation. RMR will not be required to verify the information
obtained from clients or other professional advisors, such as accountants or attorneys. Clients will acknowledge and agree to
their obligation to promptly notify RMR in writing if any information material to the advisory services to be provided changes,
information previously provided that might affect how their account should be managed occurs, or if earlier disclosed data
becomes inaccurate.
(Please refer to Item 5: Fees & Compensation and Item 10: Other Financial Industry Activities & Affiliations
for additional important information.)
Following is a summary description of advisory services covered by this Brochure. Clients should consult with their
Advisor Representative and the applicable client Agreement and fee schedules for additional information regarding
each service. Please also refer to RMR’s Form ADV Part 2A Appendix 1 “Wrap Fee Program” Brochure, where
indicated, for further details.
Types of Advisory Services
RMR is a fee-only investment management and financial planning firm; it does not sell securities on a commission basis. RMR's
investment professionals emphasize continuous personal client contact and interaction in providing the following types of
investment advice and advisory services through comprehensive financial planning, consulting, and managing investment
advisory accounts. RMR's individually tailored advisory programs and services include:
• Comprehensive Financial Planning Services*
• Portfolio & Cash Flow Management Services*
• Financial Coaching, Planning & Specific Analysis Services*
• Investment Manager Search & Monitoring Services*
• Retirement Plan Consulting Services*
• Family Office Services*
(Note: These advisory service offerings are offered in conjunction with RMR’s Wrap Fee Program. Please see our Form ADV
Part 2A Appendix 1 “Wrap Fee Program” Brochure for complete details.)
Comprehensive Financial Planning Services
Our Comprehensive Financial Planning Service begins with extensive data gathering and a needs analysis by one of our
Advisor Representatives. Once data gathering is completed, your current financial position, including your investment portfolio,
is evaluated, and then long-term investment objectives, needs, goals and risk tolerance are established. Based on this
information, your advisor determines the financial strategies to recommend. If appropriate for the account type established,
RMR will create an Investment Policy Statement ("IPS") to aid in selecting a portfolio that matches the client's circumstances.
An IPS establishes a "blueprint" for present and future actions. An IPS establishes reasonable expectations, objectives, and
guidelines for investing the client's portfolio account assets and sets forth an investment structure detailing permitted account
asset classes and allocations. It is essential to note that an IPS creates the framework for what is intended to be a well-diversified
asset mix whose goal is to generate acceptable, long-term returns at a level of risk suitable to the client.
An IPS is not a contract
and should not be construed as offering any guarantee. An IPS is an investment philosophy summary intended to guide the
client and their Advisor Representative. Clients are ultimately responsible for establishing their investment policy.
Clients will be assigned to one of several risk profiles with their specific portfolio strategy based on the information gathered and
the amount of assets to be managed on their behalf. After the clients have received and reviewed the plan and agreed to
proceed, their Advisor Representative will work with them to implement their plan. According to the client's Agreement, custody
of client assets will be held by an independent and separate Qualified Custodian, who will take possession of the cash,
securities, and other assets within the client's portfolio account.
As account goals and objectives will often change over time, suggestions are made and implemented ongoing as the client and
Advisor Representative review their financial situation and portfolio through regular contact and annual meetings to determine
changes in their financial situation or investment objectives, confirm realistic restrictions on account management and verify if
the client wishes to modify any existing restrictions reasonably.
Clients should consult their Agreement for complete details.
(See Item 15: Custody, and please note: The Comprehensive
Financial Planning Service is ongoing and offered in conjunction with our Wrap Fee Program. Please see our Form ADV Part
2A Appendix 1 “Wrap Fee Program” Brochure.)
Portfolio & Cash Flow Management Services
With our Portfolio & Cash Flow Management Service, your Advisor Representative will obtain financial data from you and
assist you in determining investment objectives and initial investments. After establishing an investment account with the client's
selected Qualified Custodian, your Representative will regularly monitor the account and your cash flows and make investment
strategy recommendations based on your specific needs and investment goals.
(Note: The Portfolio & Cash Flow Management
Service is offered in conjunction with RMR’s Wrap Fee Program. Please see our Form ADV Part 2A Appendix 1 “Wrap Fee
Program” Brochure.)
Financial Coaching, Planning & Specific Analysis Services
Financial Coaching, Planning & Specific Analysis Services are designed to assist clients in making complex financial
decisions and achieving peace of mind. The scope of the engagement is defined individually and determined between the client
and the Advisor Representative. These services may or may not include written analyses and may or may not be
comprehensive.
Specific analysis may entail a detailed examination of individual assets such as stocks, bonds, mutual funds, annuities, life
insurance and health insurance policies. The service may also include assisting employers and/or employees in advising on
types of investment plans and selecting various types of investments within a plan. Advice may also be provided concerning
managing death proceeds from life insurance policies and distributions from profit-sharing plans and/or retirement plans or any
other analysis you may request.
Coaching, planning and evaluation may include the following:
• investment consulting,
• retirement funding and income analysis,
• education funding analysis,
• life insurance needs analysis,
• disability insurance needs analysis,
• long-term care insurance needs analysis,
• estate planning analysis,
• tax planning analysis,
• stock option planning analysis, and
• the provision of a detailed financial plan.
Clients will execute an Agreement setting forth the terms and conditions of the engagement, including termination, describing
the services' scope and fees due before RMR commences services. The final fee structure will be documented within the
executed Agreement.
Depending on the scope of the assignment and the complexity of the planning to be performed or advice to be given, financial
planning services can take varying amounts of time to complete. Financial plans are based on the client's financial situation
w
hen the plan is presented and the financial information disclosed by the client to RMR. Since financial planning is a discovery
process, situations occur wherein the client is unaware of specific financial exposures or predicaments. If the client's case
differs substantially from what was disclosed at the initial meeting, a revised fee will be provided for review and acceptance.
When a fee increase is necessary, the client must approve and agree to the scope change before any additional work is
performed. In such cases, we will notify the client to obtain this approval
. (See Item 5 - Fees & Compensation for additional
details.)
As with all RMR advisory services, the expectation is that the client will promptly notify the Adviser in writing of any changes in
assets, net worth, indebtedness, or planning objectives that the Adviser would not otherwise know that would be material to the
service provided. The client or their successor shall also promptly notify RMR in writing of (a) the dissolution, termination,
merger, or bankruptcy of the client if the client is other than a natural person and (b) the occurrence of any other event which
might affect the validity of their Agreement or RMR's authority thereunder.
Financial coaching, planning and specific analysis services may be the only services provided to the client. Executing a Financial
Planning Agreement neither constitutes an agreement for nor requires that the client use or purchase investment advisory or
other services offered by RMR. The services do not include implementing or monitoring the Advisor Representative's
recommendations to the client. If the client receives a written financial plan, the plan will not include information or analysis
concerning liability risks, tax planning, or tax preparation services. If such services are necessary, the client shall be responsible
for obtaining them from one or more third parties.
RMR reserves the right to terminate any service where a client has willfully concealed or has refused to provide pertinent
information about financial situations when necessary and appropriate, in its judgment, to provide proper financial
advice. Clients should consult their Agreement for complete details.
Investment Manager Search & Monitoring Services
For those instances where RMR recommends portfolio management services from an investment management firm in addition
to RMR, we offer our Investment Manager Search & Monitoring Services.
(Our Investment Manager Search & Monitoring
service is provided in conjunction with our Wrap Fee Program. Please see our Form ADV Part 2A Appendix 1 “Wrap Fee
Program” Brochure for complete details.)
Retirement Plan Consulting Services
RMR offers Retirement Plan Consulting Services to companies, including:
Investment Policy Formation & Financial Summaries - to properly review investment performance, the performance
must be measured against specific goals and objectives set forth in the client’s written Investment Policy Statement.
We will aid you in IPS preparation to the extent assistance is required.
Investment Category Selection - once an IPS is developed, RMR will recommend various investment categories for
the retirement plan.
Performance Monitoring - we will monitor the performance of the investment choices and provide periodic advice
regarding investment selection changes.
Participant Meetings - upon request, RMR's investment professionals will attend group meetings with plan participants
to describe and provide information about available investments.
Custodian & Administrator Selection - selecting an appropriate custodian and administrator is integral to establishing
and having a workable plan. As needed and upon request, we will assist in recommending appropriate custodians and
plan trustees/administrators. To the extent a plan custodian or administrator already exists, we can evaluate the level
of services provided.
All Retirement Plan Consulting Services advice is based upon the information provided
by the client. It is the client’s
responsibility to ensure RMR has current and accurate information to enable us to provide accurate advice and to inform us of
material changes to their financial and personal situation and any other information necessary that may affect the investments
and planning strategies recommended. (Retirement Plan Consulting Services may be provided under our Wrap Fee Services
under certain conditions. For those instances, please see our Form ADV Part 2A Appendix 1 “Wrap Fee Program” Brochure for
complete details.)
ERISA, Retirement & Other Qualified Accounts
RMR can advise on ERISA, retirement and other Qualified Accounts as part of its ongoing financial planning and portfolio
management services. Effective December 20, 2021 (or such later date as the U.S. Department of Labor ("DOL") Field
Assistance Bulletin 2018-02 ceases to be in effect), for purposes of complying with the DOL's Prohibited Transaction Exemption
2020-02 ("PTE 2020-02") where applicable, we are providing the following acknowledgment to you. 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 make money creates 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 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 designed to ensure that we provide 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.
We benefit financially from the rollover of your assets from a retirement account to an account that we manage or provide
investment advice for because the assets increase our assets under management and, in turn, our advisory fees. We will only
recommend a rollover when we believe it is in your best interest as a fiduciary. It is essential that you understand the differences
between these accounts and decide whether a rollover is best for you. Before proceeding, if you have questions, contact your
Adviser Representative or RMR directly.
IRA Account Rollover Considerations
As part of our investment advisory services, we may recommend that you withdraw the assets from your employer's retirement
plan and roll the assets over to an individual retirement account ("IRA") that we will manage on your behalf. If you elect to roll
the assets to an IRA subject to our management, we will charge you an asset-based fee outlined in the Agreement you executed
with our firm. This practice presents a conflict of interest because persons providing investment advice on our behalf are
incentivized to recommend a rollover to generate compensation rather than solely based on your needs. You are contractually
or otherwise under no obligation to complete the rollover. Moreover, if you complete the rollover, you are not obligated to have
the assets in an IRA managed by RMR.
Many employers permit former employees to keep their retirement assets in their company plans. Further, current employees
can sometimes move assets from their company plan before retiring or changing jobs. In determining whether to complete the
rollover to an IRA, and to the extent the following options are available, you should carefully consider the costs and benefits of:
1. leaving the funds in your employer's/former employer's plan,
2. moving the funds to a new employer's retirement plan,
3. cashing out and taking a taxable distribution from the plan, and
4. rolling the funds into an IRA rollover account.
Each of these options has advantages and disadvantages. Before making a change, we encourage you to speak with your
CPA or tax attorney.
If you are considering rolling over your retirement funds to an IRA for us to manage, the following are additional points for
consideration before you do so:
1. Determine whether the investment options in your employer's retirement plan address your needs or whether you
might wish to consider other investment types.
- Employer retirement plans generally have a more limited investment menu than IRAs.
- Employer retirement plans may have unique investment options not available to the public, such as
employer securities or previously closed funds.
2. Your current plan may have lower fees than our fees.
- If you are interested in investing only in mutual funds, you should understand the cost structure of
the share classes available in your employer's retirement plan and how the costs compare with those
available in an IRA.
- You should understand the various products and services you might use at an IRA provider and the
potential costs.
3. Our strategy may or may not have a higher risk than your plan's option(s).
4. Your current plan may also offer financial advice.
5. If you keep your assets titled in a 401k or retirement account, you could potentially delay your required minimum
distribution beyond age 73.
6. Your 401k may offer more liability protection than a rollover IRA; each state may vary.
- Generally, federal law protects assets in qualified plans from creditors. Since 2005, IRA assets have
been largely protected from creditors in bankruptcies. However, there can be some exceptions to
the usual rules, so you should consult an attorney if you are concerned about protecting your
retirement plan assets from creditors.
7. You may be able to take out a loan on your 401k, but not from an IRA.
8. IRA assets can be accessed anytime; however, distributions are subject to ordinary income tax and may be subject
to a 10% early distribution penalty unless they qualify for an exception, such as disability, higher education
expenses, or a home purchase.
9. If you own company stock in your plan, you may be able to liquidate those shares at a lower capital gains tax rate.
10. Your plan may allow you to hire us as the manager and keep the assets titled in the plan name.
General Disclosure Regarding ERISA, Retirement & Other Qualified Accounts
If an advisory account is subject to the provisions of ERISA or certain tax-deferred treatment under the Internal Revenue Code
(collectively, "Qualified Accounts"), RMR and its Advisor Representatives, who act as fiduciaries by providing investment advice
for such Qualified Accounts, are generally prohibited from receiving both an advisory fee and any transaction-based
compensation unless in compliance with applicable prohibited transaction exemptions under ERISA or the IRC or authorized by
the U.S. Department of Labor.
Clients will represent that the Qualified Account and any instructions they give are consistent with applicable plan documents,
including investment policies, guidelines, or restrictions. They will provide us with a copy of all relevant documents and agree
that their selected advisory program is consistent with those documents. And will notify us, promptly in writing, of any changes
to any of the plan's investment policies, guidelines, restrictions, or other plan documents about investments by the plan. If the
assets in the Qualified Account constitute only a part of their plan assets, they will provide us with documentation of any of the
plan's investment guidelines or policies that affect it. The compliance of any recommendation or investment RMR's Advisor
Representatives make for the Qualified Account with any such investment guidelines, policies, or restrictions shall only be
determined on the date of the recommendation or purchase.
The client is responsible for providing us prompt written notice if any investments made for the Qualified Account are inconsistent
with such guidelines, policies, restrictions, or instructions.
Clients understand that our services shall not affect plan assets not held in the Qualified Account and that RMR shall have no
responsibility for such other assets. RMR is not responsible for plan administration or performing duties not expressly outlined
in the Advisory Agreement. Further, the client is responsible for obtaining and maintaining (at their own expense) any insurance
or bonds they deem necessary to cover themselves and any of their affiliates, officers, directors, employees, and agents in
connection with RMR's Advisory Agreement.
Family Office Services
RMR offers a Family Office Services alternative for clients with a net worth minimally in the tens of millions. This includes a
wide array of in-depth, focused services, typically assisting families with a majority of their financial situation, including client
investments, tax situations, estate planning and family dynamics. (Our Investment Manager Search & Monitoring service is
provided in conjunction with our Wrap Fee Program. Please see our Form ADV Part 2A Appendix 1 “Wrap Fee Program”
Brochure for complete details.)
Client Tailored Services
RMR offers the same suite of services to all its clients. However, some clients will require only limited services due to the nature
of their investments. Limited services are discounted at RMR's discretion, as detailed herein and defined in each client's written
Agreement.
Types of Investments
RMR offers advice on equity securities (exchange-listed securities, securities traded over the counter, foreign issues), corporate
debt securities (other than commercial paper), commercial paper, certificates of deposit, municipal securities, exchange-traded
funds, investment company securities (variable life insurance, variable annuities, mutual fund shares), U.S. government
securities, options contracts on securities, futures, interests in partnerships investing in real estate, and oil and gas interests.
Although RMR provides advice predominately on the products listed, the Adviser reserves the right to offer advice on any
investment product deemed suitable for a client's specific circumstances, tailored needs, individual goals, and objectives.
We may also advise on any investment held in your portfolio at the inception of our advisory relationship.
We will use other securities to help diversify a portfolio when appropriate.
As a fiduciary, an investment adviser is expected to provide investment advice in the client's best interest. When recommending
investments in mutual funds, it is RMR's policy to consider all available share classes and to select the most appropriate share
classes based on various factors, including but not limited to minimum investment requirements, trading restrictions, internal
expense structure, transaction charges, availability, and other factors. Institutional share class mutual funds typically cost less
than other share classes. Generally, they do not have an associated 12b-1 fee, leading to a lower overall expense ratio than
other class shares of the same mutual fund. Therefore, in most cases, it will be in the client's best interest to recommend or
purchase share classes with the lowest cost – typically, institutional share class. (See Item 8: Methods of Analysis, Investment
Strategies & Risk of Loss for additional information.)
RMR usually invests clients' cash balances in FDIC-insured deposit accounts, money market funds, or FDIC-insured certificates
of deposit. In managing the cash maintained in your account, we utilize the sole exclusive cash vehicle (money market) made
available by the custodian. Other cash management options may be away from the custodian available with higher yields or
safer underlying investments. In most cases, at least a partial cash balance will be maintained in a money market or FDIC-
insured deposit account to allow for the debit of advisory fees or anticipated cash distributions to clients. We will manage client
account cash balances based on the yield and the financial soundness of money markets and other short-term instruments.
(Note: Investment products are usually not FDIC insured, insured by any federal government agency, a deposit, other obligation,
or guaranteed by RMR.)
Since our investment strategies and advice are based on each client’s specific financial situation, the investment advice we
provide to one client may be different or conflicting with the advice we give to other clients regarding the same security or
investment.
Client Imposed Restrictions
Clients who engage RMR on a discretionary basis may, at any time, impose restrictions, in writing, on the Adviser's discretionary
authority. Clients may restrict investing in particular securities or security types according to their preferences, values, or beliefs.
They may also amend/change such limitations by providing written instructions. Reasonable efforts are made to comply with
client investment guidelines by standard industry practices. Upon receiving a client's written restrictions, RMR will discuss the
restriction request's feasibility to ensure expectations are met and confirm the client's acknowledgment and understanding of
the possible outcomes of the imposed restriction. In imposing restrictions, it is essential to note that such conditions can affect
a client's account performance and result in variations from a similarly managed account without restrictions. Client-imposed
account restrictions and variations could result in positive or negative performance differences for their portfolio compared to
the investment program's performance composite. The investment structures recommended can also prevent controlling a
client's specific outcome. If client-imposed restrictions prevent a client's account's proper servicing or require substantial
deviations from recommendations, RMR reserves the right to end the client relationship.
In no event and regardless of the advisory service provided is the Adviser obligated to make any investment or enter into any
transaction it believes in good faith would violate any federal or state law or regulation.
Wrap Fee Programs
This program is no longer offered to new or existing clients opening new accounts. All disclosures related to this program apply
only to existing clients with existing accounts. As part of its services, RMR provides investment and portfolio management
services via a Wrap Fee Program, a transaction fee rebate program that differs from a regular advisory services account in that
clients receive both investment advisory management services and the execution of securities brokerage transactions, custody,
reporting, and related services for a specified, bundled asset-based fee (the "Program Fee" or "Wrap Fee" - a single fee that
covers both advisory services and certain transaction costs). Assets in the Wrap Fee Program are regularly monitored, and
investment strategy purchase and sale transactions are based on the client's specific needs and investment goals. RMR
receives a portion of the Wrap Fee for our service.
Before participating in the Wrap Fee Program, clients will be required to enter into an RMR client Agreement for Wrap Fee
Program Services that sets forth the terms and conditions of the engagement, describes the scope of services to be provided,
and fees to be paid. The annual wrap fee for participation depends upon the market value of the client assets under our
management. Clients will invest by establishing one or more accounts (the "managed accounts" or "accounts"), each of which
is reviewed for qualification and suitability. Appropriateness will be determined based solely on the Program's cost-effectiveness
to the client. (Please see our Form ADV Part 2A Appendix 1 “Wrap Fee Program” Brochure for complete details, including any
associated costs.)
Assets Under Management
As of January 1, 2024, RMR provided continuous management services for $369,330,046 in client assets on a discretionary
basis and $0.00 in client assets on a non-discretionary basis.