Item 1: Introduction
August 19, 2024, Parthenon LLC (“Adviser”), SEC Registered Investment Adviser.
Brokerage and investment advisory services and fees differ. Free and simple tools are available to research firms and financial professionals at Investor.gov/CRS, which also provides educational materials about broker-dealers, investment advisers, and investing.
Is an Investment Advisory Account Right for You?
You should carefully consider which types of accounts and services are right for you. This document gives you a summary of the types of services we provide and how you pay. Please ask us for more information. There are some suggested questions under Item 5 below.
Item 2: Relationship and Services
What investment services and advice can you provide me?
We are an investment adviser and provide advisory accounts and services rather than brokerage accounts and services. Please refer to our ADV Part 2A for a more detailed description of our services and fees. Upon engaging us you will pay an on‐going asset-based advisory fee, based on the value of the cash and investments in your advisory account. Financial Service Providers vary in the way they provide planning, advising and brokerage services. You should carefully consider which types of programs and services are right for you; investment adviser or brokerage.
Description of Services
We provide equity and fixed income management. Our minimum annual fee is $10,000 which may be negotiable. We will monitor your account on a regular basis and meet with you on a mutually agreed upon schedule. Our portfolio management services are provided on a discretionary basis (you grant us the authority to determine the securities and amount to be bought or sold without your consent prior to each trade). We do not offer advice only with respect to proprietary products.
Our Obligations to You
As registered investment advisers, we must abide by laws and regulations and are held to a fiduciary standard. We are required to monitor your portfolio, investment strategy, and investments on an ongoing basis. Our interests can conflict with your interests. We must eliminate these conflicts or tell you about them in a way you can understand so that you can decide whether to agree to them.
Conversation Starters
Given my financial situation, should I choose an investment advisory service?; Why or why not?; How will you choose investments to recommend to me?; What is your relevant experience, including your licenses, education and other qualifications?; What do these qualifications mean?
Item 3: Fees, Costs, Conflicts, and Standard of Conduct
What fees will I pay?
Fees and costs affect the value of your account. Please ask your financial professional to give you personalized information on your fees and costs. Fees and costs affect the value of your account. Please ask us to give you personalized information on your fees and costs. Our fees do not vary based on the type of investment. We charge of 1% on the first $2 million of assets under management, 0.75% on the next $3 million assets under management, 0.50% on amounts over $5 million. Parthenon LLC is advisor and general partner for Fort Nelson Partners, LP. Our fees reduce your investable assets and will be deducted from your account. The more assets you have in the advisory account, including cash, the more you will pay. This creates an incentive to increase the assets in your account in order to increase our fees. You pay our fee even if we do not trade in your account(s) and if your account does not appreciate in value. Our fees do not vary and are negotiable.
Other Fees and Costs
Some investments impose additional fees that will reduce the value of your investments over time such as mutual funds and variable annuities. You could be required to pay fees when certain investments are sold (e.g., surrender charges for selling variable annuities). You will also be charged custodial fees by the custodian that holds your account for things like wires, paper statements, overdraft fees, etc. In addition, you will pay transaction-based fees when we buy or sell securities in your account.