4.A. Advisory Firm Description
Family Asset Management, LLC (“FAM” or “Advisor”) is an SEC registered investment
Advisor with its principal place of business in Charleston, South Carolina. FAM began
conducting business in 2004.
Listed below are the firm’s principal shareholders (i.e., those individuals and/or entities
controlling 25% or more of this company).
• Andrew Thomas Barrett, Member
• Daniel Terrill Russler, Jr., Member
4.B. Types of Advisory Services
FAM provides individual portfolio management services, pension consulting services,
and general consulting services. Prior to providing any investment advisory services,
and/or consulting services, FAM requires each client to enter into a written Investment
Management Agreement (“Advisory Agreement”) that sets forth the terms and
conditions under which FAM will render its services. The Advisor works closely with
its clients to identify their goals, objectives, risk tolerance and liquidity needs and then
constructs a portfolio tailored to the individual client.
Investment Management Services
Our firm provides individual portfolio management services, which includes selection of
securities and, in certain cases, other Advisors, on a discretionary and non-discretionary
basis based on individual client needs. Through personal discussions in which goals and
objectives based on the client’s particular circumstances are established, we develop the
client’s personal investment policy. We create and manage a portfolio based on that
policy. We consider a client’s individual objectives, time horizons, risk tolerance, and
liquidity needs. As appropriate, we may also review and discuss a client’s prior
investment history, as well as family composition and background. Account supervision
is guided by the client’s stated objectives and risk tolerance questionnaire as well as tax
considerations.
Once the client’s portfolio has been established, we review the portfolio at least annually,
unless a more frequent review is deemed necessary by the Advisor.
Our investment selections and or 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.
• Corporate debt securities (other than commercial paper).
• Certificates of deposit.
• Municipal securities.
• Mutual Funds.
• Options contracts on securities.
• Investment partnerships; and
• Limited offerings and private placements.
Because some types of investments involve certain additional degrees of risk, they will
only be implemented when consistent with the client’s stated investment objectives, and
tolerance for risk and liquidity.
Pension Consulting Services
Our firm also provides pension consulting services on a discretionary and non-
discretionary basis to 401K, profit sharing and cash balance plan sponsors to create a menu
of mutual funds for selection by retirement plan participants.
We meet with the plan participants at least on an annual basis to assist
them in the
selection of investments for their portfolio.
General Consulting
In addition to the foregoing services, we may provide general consulting services to
clients. Our consulting services may include the following:
- Personal Cash Flow Analysis
- Retirement Planning
- Major Purchase decisions
- Debt Analysis
These services are generally provided on a project basis and are specific to the client as and
when requested by the client and agreed to by us. The scope and fees for consulting
services will be negotiated with each client at the time of engagement for the applicable
project.
Family Legacy Planning and Development Services
In addition to our investment advisory and wealth management services noted above,
FAM also offers family legacy planning and development services.
FAM provides the following legacy planning and development services:
• Strategic Legacy Development/Planning
• Family Visual Consulting
• Family Photography
• Creative design of family books, photography, and legacy projects
• Brand Development/Brand Identity
Retirement Plan Rollovers – No Obligation / 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 FAM recommends
that a client roll over their retirement plan assets into an account to be managed by FAM,
such a recommendation creates a conflict of interest if FAM will earn an advisory fee on
the rolled over assets. No client is under any obligation to roll over retirement plan
assets to an account managed by FAM.
4.C. Client Investment Objectives/Restrictions
Clients may impose reasonable restrictions on investing in certain securities, types of
securities, or industry sectors. Each client is advised that it remains their responsibility to
promptly notify FAM if there is ever any change in their financial situation, investment
objectives, or if they wish to impose reasonable restrictions. In performing its services,
FAM 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.
4.D. Wrap Fee Program
FAM does not participate in or sponsor a Wrap Fee Program.
4.E. Assets Under Management
FAM’s assets under management as of December 31, 2023, were approximately
$323,748,302, with approximately $267,434,723 representing discretionary accounts and
approximately $56,313,579 representing non-discretionary accounts.
A copy of FAM’s written Brochure as set forth on Part 2 of Form ADV shall be provided to
each client prior to, or contemporaneously with, the execution of the Investment Advisory
Agreement.