GUTIERREZ WEALTH ADVISORY, LLC

FORM ADV PART 2A DISCLOSURE BROCHURE Gutierrez Wealth Advisory, LLC 10810 Executive Center Dr. Little Rock, AR 72211 (501) 451-6900 www.gutierrezwealthadvisory.com March 23, 2025 This disclosure brochure ("Brochure") provides information about the qualifications and business practices of Gutierrez Wealth Advisory, LLC (hereinafter "Gutierrez Wealth," the "Firm," "we," "us," or similar designations). If you have any questions about the contents of the Brochure, please contact the Firm at (312) 809-9106. The information in the Brochure has not been approved or verified by the United States Securities and Exchange Commission ("SEC") or by any state securities authority. Additional information about the Firm is available on the SEC's website at www.adviserinfo.sec.gov. Gutierrez Wealth Advisory, LLC is an investment adviser registering with the SEC. Registration with the SEC or any state securities authority does not imply any level of skill or training. 1  Item 2 Material Changes Form ADV Part 2 requires registered investment advisers to amend their brochure when information becomes materially inaccurate. If there are any material changes to an adviser's disclosure brochure, the adviser is required to notify you and provide you with a description of the material changes. Generally, Gutierrez Wealth Advisory, LLC will notify clients of material changes on an annual basis. However, where we determine that an interim notification is either meaningful or required, we will notify our clients promptly. In either case, we will notify our clients in a separate document. Since the filing of our last annual updating amendment, dated February 2, 2024, we have the following material changes to report: • The initial fees that were provided for our investment management and Wealth Management services have changed since this program was first introduced. Please refer to Item 5 of this disclosure brochure for our current fees for those services. 2  Item 3 Table Of Contents Item 1 Cover Page Item 2 Material Changes Item 3 Table Of Contents Item 4 Advisory Business Item 5 Fees & Compensation Item 6 Performance-Based Fees & Side-by-Side Management Item 7 Types of Clients Item 8 Methods of Analysis, Investment Strategies, & Risk of Investment Loss Item 9 Disciplinary Information Item 10 Other Financial Industry Activities & Affiliations Item 11 Code of Ethics, Participation or Interest in Client Transactions, & Personal Trading Item 12 Brokerage Practices Item 13 Reviews of Accounts Item 14 Client Referrals & Other Compensation Item 15 Custody Item 16 Investment Discretion Item 17 Voting Client Securities (Proxy Voting) Item 18 Financial Information Item 19 Requirements for State-Registered Advisers Item 20 Additional Information Page 1 Page 2 Page 3 Page 4 Page 8 Page 11 Page 11 Page 11 Page 17 Page 18 Page 18 Page 19 Page 23 Page 24 Page 24 Page 25 Page 25 Page 25 Page 26 Page 26 3  Item 4 Advisory Business Description of Gutierrez Wealth Gutierrez Wealth was launched in October 2022 to provide a broad range of investment advisory services to its clients. The Firm is owned by David Gutierrez and Roy Gutierrez. We are organized as a limited liability company ("LLC") under the laws of the State of Delaware. Gutierrez Wealth offers a variety of advisory services, which include financial planning, investment management, and investment consulting services. Prior to Gutierrez Wealth rendering any of the foregoing advisory services, clients are required to enter into one or more written agreements with the Firm setting forth the relevant terms and conditions of the advisory relationship (the "Advisory Agreement"). While this brochure generally describes the business of Gutierrez Wealth, certain sections also discuss the activities of its Supervised Persons, which refer to the Firm's officers, partners, directors (or other persons occupying a similar status or performing similar functions), employees, and other persons who provide investment advice on the Firm's behalf and are subject to the Firm's supervision or control. Description of Services The Firm offers a broad range of financial planning and investment management services as described below in more detail. Financial Planning Services Gutierrez Wealth offers clients a broad range of financial planning services, which can include any or all of the following services depending on the needs of its clients: Retirement income planning Cash flow planning Debt management Trust and estate planning Insurance planning Education planning Risk management Tax planning Charitable giving Distribution planning • • • • • • • • • • While each of these services is available on a stand-alone basis, certain basic financial planning services can be provided in conjunction with investment portfolio management as part of a comprehensive wealth management engagement (described in more detail below). In performing these services, Gutierrez Wealth is not required to verify any information received from the client or from the client's other professionals (e.g., attorneys, accountants) and is expressly authorized to rely on such information. Gutierrez Wealth recommends certain clients engage the Firm for additional related services and/or other professionals to implement its recommendations. Clients are advised that a conflict of interest exists for the Firm to recommend that clients engage the Firm to provide (or continue to provide) additional services for compensation, including investment management services. Clients retain absolute discretion over all decisions regarding implementation and are under no obligation to act upon any of the recommendations made by Gutierrez Wealth under a financial planning engagement. Clients are advised that it remains their responsibility to promptly notify the Firm of any change in their financial situation or investment objectives for the purpose of reviewing, evaluating, or revising the Firm's recommendations and/or services. 4  Investment Management and Wealth Management Services Gutierrez Wealth manages client investment portfolios on a discretionary or non-discretionary basis. Discretionary investment management services allow the Firm to implement its recommendations without prior consent from the client. Non-discretionary investment management services require the Firm to obtain prior consent from the client before implementing its recommendations. Gutierrez Wealth also offers clients wealth management services as part of a comprehensive arrangement which includes basic financial planning services as well as discretionary and/or non- discretionary management of investment portfolios. Gutierrez Wealth primarily allocates client assets among various exchange-traded funds ("ETFs"), mutual funds, and third-party investment managers, but also has the authority to invest client assets in a broad range of securities, which could include alternative investments (including private funds), structured notes, options, individual stocks and bonds, and other types of securities and other investments. As mentioned above, Gutierrez Wealth selects certain third-party investment managers including, without limitation, sub-advisers, other third-party independent managers, and third-party investment programs (including turnkey asset management platforms) ("Independent Managers") to actively manage a portion of its clients' assets. The specific terms and conditions under which a client engages an Independent Manager may be set forth in a separate written agreement with the designated Independent Manager. In addition to this brochure, clients may also receive the written disclosure documents of the respective Independent Managers engaged to manage their assets. As appropriate, Gutierrez Wealth evaluates a variety of information about Independent Managers, which includes the Independent Managers' public disclosure documents, materials supplied by the Independent Managers themselves and other third-party analyses it believes are reputable. To the extent possible, the Firm seeks to assess the Independent Managers' investment strategies, past performance and risk results in relation to its clients' individual portfolio allocations and risk exposure. Gutierrez Wealth also takes into consideration, as applicable, each Independent Manager's management style, returns, reputation, financial strength, reporting, pricing and research capabilities, among other factors. Gutierrez Wealth continues to provide services relative to the discretionary or non-discretionary selection of the Independent Managers. On an ongoing basis, the Firm monitors the performance of those accounts being managed by Independent Managers. Gutierrez Wealth seeks to ensure the Independent Managers' strategies and target allocations remain aligned with its clients' investment objectives and overall best interests. Where appropriate, the Firm also provides advice about any type of legacy position or other investment held in client portfolios. Clients can engage Gutierrez Wealth to manage and/or advise on certain investment products that are not maintained at their primary custodian, such as variable life insurance and annuity contracts and assets held in employer sponsored retirement plans and qualified tuition plans (i.e., 529 plans). In these situations, Gutierrez Wealth directs or recommends the allocation of client assets among the various investment options available with the product. These assets are generally maintained at the underwriting insurance company or the custodian designated by the product's sponsor. Gutierrez Wealth tailors its advisory services to meet the needs of its individual clients and seeks to ensure, on a continuous basis, that client portfolios are managed in a manner consistent with those needs and objectives. The Firm consults with clients on an initial and ongoing basis to assess their specific risk tolerance, time horizon, liquidity constraints, and other factors relevant to the management of their portfolios. Clients are advised to promptly notify the Firm if there are changes in their financial 5  situation or if they wish to place any limitations on the management of their portfolios. Clients can impose reasonable restrictions or mandates on the management of their accounts if the Firm determines, in its sole discretion, the conditions would not materially impact the performance of a management strategy or prove overly burdensome to the Firm's management efforts. In addition to traditional investment management and wealth management services, the Firm may, at a client's request, provide advice regarding digital ssets and assist with transactions through Fidelity Digital Asset Services, LLC ("Fidelity Digital"). Fidelity Digital is an unaffiliated company that provides custody and trading services for certain digital assets. The Firm does not require or mandate the use of Fidelity Digital. Clients may choose other custodians or intermediaries that provide digital asset services. Digital asset services are optional and may not be appropriate for all clients. Retirement Plan Services Gutierrez Wealth offers investment consulting services to qualified employee benefit plans and their fiduciaries. Such services are provided by Gutierrez Wealth as a fiduciary under the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). In accordance with ERISA Section 408(b)(2), each plan sponsor is provided with a written description of Gutierrez Wealth's fiduciary status, the specific services to be rendered, and all direct and indirect compensation the Firm reasonably expects under the engagement. Available services include: Gutierrez Wealth will assist Plan Sponsor in ERISA Fiduciary Services  Investment Policy Statement ("IPS") Assistance. the development and preparation, as well as periodic review, of an Investment Policy Statement or investment selection and review criteria for investments on the plan investment menu. The IPS describes the Plan's overall investment objectives and guidelines and outlines the criteria utilized to review the investments offered in the plan. . Gutierrez Wealth will identify investments consistent with the Plan's IPS  Investment Searches criteria and review available share classes and plan expenses. . Gutierrez Wealth will provide a review of the  Investment Reviews, Evaluation, and Reporting performance of investments held within the Plan and assist Plan Sponsor in evaluating the type and number of investments offered to Plan participants. Gutierrez Wealth's review may include graphic and tabular presentations of performance, and risk/return analyses. When evaluating the performance of the funds available to the Plan, Gutierrez Wealth will review the funds' performance and not the specific investment performance of Plan participant accounts. . Gutierrez Wealth will assist the Plan Sponsor with a review and Non-ERISA Fiduciary Services  Plan Provider Analysis analysis of third-party recordkeepers. This service may include an analysis of the Plan's current provider; development of criteria used in selecting service providers; and evaluation of proposals received from prospective service providers. . If appropriate,Gutierrez Wealth will assist the Plan Sponsor with  Conversion Assistance conversion to a new recordkeeper, which may include investment fund mapping and planning employee education strategies with respect to the conversion. . Gutierrez Wealth will provide the Plan Sponsor with resources to help the  Additional Support Plan Sponsor meet its fiduciary duties as well as periodic newsletters and/or whitepapers which address retirement plan issues for plan fiduciaries. . Gutierrez Wealth will assist Plan Sponsor in benchmarking and reviewing  Plan Feature Review various Plan features including determining whether they are meeting the needs of the Plan and the Plan participants. . Gutierrez Wealth will assist Plan Sponsor in conducting a  Fee Analysis and Benchmarking 6  benchmarking analysis of the Plan's fees and, at the direction of Plan Sponsor, will utilize data obtained from the Plan provider;  Plan Program Liaison . Gutierrez Wealth will assist Plan Sponsor in communicating with record- keepers and other third-party service providers regarding plan features, investments, services and fees. . Gutierrez Wealth will evaluate the Plan's existing education  Employee Education Consulting program and recommend strategies for improving participation and education. Gutierrez Wealth will work with the plan provider to implement these strategies and to deliver materials. Gutierrez Wealth provides general investment education, which may include educational newsletters, seminars and other materials. Any material provided is intended to help the recipients understand financial topics including investing, saving for retirement, distribution planning and retirement planning and transitioning to retirement. Topics are generic in nature and do not contain recommendations to invest in a particular security. Gutierrez Wealth can provide employee education seminars covering topics such as investing, saving for retirement, distribution planning and retirement planning and transitioning to retirement. Seminars offered are generic in nature and do not contain recommendations to invest in any particular security or strategy. Additional services available upon request, subject to Firm approval. IRA Rollover Recommendations Effective December 20, 2021 (or such later date as the US 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 interest 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 give 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, because the assets increase our assets under management and, in turn, our advisory fees. As a fiduciary, we only recommend a rollover when we believe it is in your best interest. Wrap Fee Programs Gutierrez Wealth does not provide services through a wrap fee program. 7  Assets Under Management As of December, 31, 2024, we provide continuous management services for $274,837,940 in client assets managed on a discretionary basis. We also manage $5,509,481 in client assets on a non- discretionary basis. We also manage $106,380,537 on a non-continuous basis. Item 5 Fees & Compensation Gutierrez Wealth offers services on a fee basis, which includes fixed fees and fees based upon assets under management. Financial Planning Fees Gutierrez Wealth charges a fixed fee for providing financial planning services under a stand-alone engagement. Financial planning services are generally offered in the form of one-year engagements. These fees are negotiable, but can be up to $30,000 per year depending upon, among other things, the scope and complexity of the services. The Firm is not obligated to deliver a written financial plan as part of such engagements but typically does so. The Firm may provide a discount on financial planning services for clients who engage the Firm for investment management services. The terms and conditions of the financial planning engagement are set forth in the Advisory Agreement and Gutierrez Wealth requires one-half of the fee payable upon execution of the Advisory Agreement. The outstanding balance is due upon delivery of the financial plan or completion of the agreed upon services. The Firm does not, however, take receipt of $1,200 or more in prepaid fees in excess of six months in advance of services rendered. Investment Management and Wealth Management Fees Gutierrez Wealth offers investment management and Wealth Management services for an annual fee ("management fee") based on the amount of assets under the Firm's management. This management fee varies among clients and can be up to 1.25% of assets under management per year, depending upon, among other things, the size and composition of a client's portfolio and the type and scope of services rendered to such client. The Firm may charge clients an equivalent or lower rate for assets advised by the Firm that are held away from the primary custodian. The management fee is charged monthly in advance based upon the market value of the assets being managed as of the last day of the previous month. Gutierrez Wealth also charges an asset-based fee based on the following blended fee schedule: Assets Under Management First Next Next Next Above Annual Rate* $1,000,000 1.00% $2,000,000 0.70% $2,000,000 0.60% $5,000,000 0.45% $10,000,000 0.20% *Some legacy clients may be on a different fee schedule than this current fee schedule. Once assets under management reach the next tier, only the incremental assets will be charged the lower fee rate. 8  Assets under management for family members in the same household may be aggregated for determining the overall fee to be paid by family members when agreed to by Gutierrez Wealth and the Client in writing. The fee is prorated and charged monthly in advance based upon the market value of the assets being managed as of the last day of the previous month. Gutierrez Wealth does not charge management fees in the initial month of a client engagement if the engagement commences on a day other than the first day of a calendar month. Gutierrez Wealth also does not adjust its management fees for mid-month additions or withdrawals of capital in the month in which such additions or withdrawals are made. In the event the advisory agreement is terminated, the fee for the final billing period is prorated for the number of days for which services are rendered through the effective date of the termination, and the unearned portion of the fee is refunded to the client, as appropriate. The client may authorize Gutierrez Wealth to utilize margin in the management of the client's investment portfolio. In these cases the management fee will include the market value of any securities purchased utilizing such margin. As a result, a conflict of interest exists as the Firm has an incentive to recommend the use of margin which can increase its management fees. The Firm notes it will rarely, if ever, ultilize margin to purchase securities. As described above, the Firm charges an advisory fee for investment and wealth management services. In addition to the Firm's advisory fee, clients who use Fidelity Digital will incur additional fees and expenses imposed by Fidelity Digital Asset Services, LLC. These may include custody fees, trading commissions or spread, withdrawal or transfer fees, and other charges that are separate from and in addition to the Firm's advisory fee. The Firm does not receive any portion of these fees from Fidelity Digital. All such fees are paid directly by the client to Fidelity Digital and are disclosed by Fidelity Digital in its own fee schedule. Retirement Plan Service Fees Gutierrez Wealth charges an asset-based fee or a flat fee for its retirement plan investment consulting services. This fee is negotiated with the plan sponsor and is memorialized in the Advisory Agreement with the client. Fees are charged quarterly or monthly in advance or arrears based on the market value of the plan assets. Fee Discretion Gutierrez Wealth can, in its sole discretion, negotiate to charge lesser fees based upon certain criteria, such as the overall scope of services to be provided to the client, anticipated future earning capacity, anticipated future additional assets, dollar amount of assets to be managed, related accounts, account composition, pre-existing/legacy client relationship, account retention, and pro bono activities. 9  Additional Fees and Expenses In addition to the advisory fees paid to Gutierrez Wealth, clients also incur certain charges imposed by third parties, such as Independent Managers, fund managers, broker-dealers, custodians, trust companies, banks, and other financial institutions (collectively "Financial Institutions"). These additional charges include, among others, securities brokerage commissions; other transaction costs; custodial fees; reporting charges; charges imposed directly by a mutual fund or ETF in a client's account, as disclosed in the fund's prospectus (e.g., fund management fees, distribution fees, and other fund expenses); fees and expenses of Independent Managers, fees and expenses associated with investments in alternative investments and structured notes, deferred sales charges; odd-lot differentials; transfer taxes; wire transfer and electronic fund fees; and other fees and taxes on brokerage accounts and securities transactions. The Firm's brokerage practices are described at length in Item 12 below. Direct Fee Debit Clients provide the Firm with the authority to directly debit their accounts for payment of its investment management/wealth management fees. The Financial Institutions that act as the qualified custodian for client accounts, from which the Firm retains the authority to directly deduct fees, have agreed to send statements to clients not less than quarterly detailing all account transactions, including any amounts paid to Gutierrez Wealth. For stand-alone financial planning services, in certain circumstances, the Firm is authorized by the client to deduct its fees from other accounts managed by the Firm. In other circumstances, the Firm will directly invoice the client for financial planning services. For retirement plan services, plan participants are responsible for paying the Firm's fees. Additions and Withdrawals of Capital Clients can make additions to and withdrawals from their account at any time, subject to Gutierrez Wealth's right to terminate an account. Additions can be in cash or securities provided that the Firm reserves the right to liquidate any transferred securities or declines to accept particular securities into a client's account. Clients can withdraw account assets on notice to Gutierrez Wealth, subject to the usual and customary securities settlement procedures. However, the Firm designs its portfolios as long-term investments and the withdrawal of assets may impair the achievement of a client's investment objectives. Gutierrez Wealth may consult with its clients about the options and implications of transferring securities. Clients are advised that when transferred securities are liquidated, they may be subject to transaction fees, short-term redemption fees, fees assessed at the mutual fund level (e.g., contingent deferred sales charges) and/or tax ramifications. Commissions and Sales Charges for the Recommendation of Securities Clients can engage certain persons associated with the Firm (but not the Firm directly) to render securities brokerage services under a separate commission-based arrangement. Clients are under no obligation to engage such persons and may choose brokers or agents not affiliated with the Firm. Under this arrangement, certain of the Firm's Supervised Persons, in their individual capacities as registered representatives of Purshe Kaplan Sterling Investments, Inc. ("PKS"), will provide securities brokerage services and implement securities transactions under a separate commission based arrangement. Supervised Persons may be entitled to a portion of the brokerage commissions paid to PKS, as well as a share of any ongoing distribution or service (trail) fees from the sale of certain investment products. As a result, a conflict of interest exists as the Firm has an incentive to recommend PKS to its clients for brokerage services and products. 10  Additionally, persons providing investment advice on behalf of our firm are licensed as independent insurance agents. These persons will earn commission-based compensation for selling insurance products, including insurance products they sell to you. Insurance commissions earned by these persons are separate and in addition to our advisory fees. This practice presents a conflict of interest because persons providing investment advice on behalf of our firm who are insurance agents have an incentive to recommend insurance products to you for the purpose of generating commissions rather than solely based on your needs. You are under no obligation, contractually or otherwise, to purchase insurance products through any person affiliated with our firm. Item 6 Performance-Based Fees & Side-by-Side Management We do not accept performance-based fees or participate in side-by-side management. Performance- based fees are fees that are based on a share of a capital gains or capital appreciation of a client's account. Side-by-side management refers to the practice of managing accounts that are charged performance-based fees while at the same time managing accounts that are not charged performance- based fees. Our fees are calculated as described in the Fees and Compensation section above, and are not charged on the basis of a share of capital gains upon, or capital appreciation of, the funds in your advisory account. Item 7 Types of Clients Gutierrez Wealth offers investment management services to individuals, pension and profit sharing plans, trusts/estates, charitable organizations, and business entities. Minimum Account Requirements As a condition for starting and maintaining an investment advisory relationship with the Firm, the Firm generally imposes a minimum annual fee of $5,000 for services, which could comprise financial planning services, investment management services, retirement plan services, or any combination of the above. The Firm, in its sole discretion, can elect to waive this minimum annual fee requirement. Item 8 Methods of Analysis, Investment Strategies, & Risk of Investment Loss Investing in securities involves a risk of loss that clients should be prepared to bear. There is no guarantee that any specific investment or strategy will be profitable for a particular client. Methods of Analysis and Investment Strategies Gutierrez Wealth's investment methodology begins with strategic allocation of client assets based on the risk profile of the client and the client's investment objectives and other financial circumstances. This strategic allocation begins with construction of a baseline portfolio which is then customized to meet the client's individual objectives and financial circumstances.The Firm will review client portfolios at least annually to determine whether and to what degree accounts should be rebalanced based on the client's then financial circumstances, associated costs and tax consequences. The Firm generally does not recommend individual stocks and bonds to clients although it may do so in limited circumstances as appropriate. 11  Risk of Loss The following list of risk factors does not purport to be a complete enumeration or explanation of the risks involved with respect to Gutierrez Wealth's investment management activities. General Economic Conditions A client's portfolio could be adversely affected from time to time by such matters as changes in general economic, industrial and international conditions, changes in tax laws, prices and cost and other factors of a general nature that are beyond the control of the Firm. Geopolitical and other events (e.g., war or terrorism) may disrupt securities markets and adversely affect global economies and markets, thereby decreasing the value of an account's investments. Sudden or significant changes in the supply or prices of commodities or other economic inputs such as oil may have material and unexpected effects on both global securities markets and individual countries, regions, sectors, companies, or industries, which could significantly reduce the value of an account's investments. War, terrorism and related geopolitical events have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets generally. Market Risks Investing involves risk, including the potential loss of principal, and all investors should be guided accordingly. The profitability of a significant portion of Gutierrez Wealth's recommendations and/or investment decisions will depend to a great extent upon the future course of price movements of equity securities and other investments. Volatility Risks The prices and values of investments can be highly volatile and are influenced by, among other things, interest rates, general economic conditions, the condition of the financial markets, the financial condition of the issuers of such assets, changing supply and demand relationships, and programs and policies of governments. Interest-Rate Risks Interest rates may fluctuate significantly, causing price volatility with respect to securities or instruments held by clients. Cash-Management Risks The Firm is authorized to invest some of a client's assets temporarily in money market funds or other similar types of investments, during which time an advisory account may be prevented from achieving its investment objective. Mutual Funds and ETFs An investment in a mutual fund or ETF involves risk, including the loss of principal. Mutual fund and ETF shareholders are necessarily subject to the risks stemming from the individual issuers of the fund's underlying portfolio securities. Such shareholders are also liable for taxes on any fund-level capital gains, as mutual funds and ETFs are required by law to distribute capital gains in the event they sell securities for a profit that cannot be offset by a corresponding loss. Shares of mutual funds are generally distributed and redeemed on an ongoing basis by the fund itself or a broker acting on its behalf. The trading price at which a share is transacted is equal to a fund's stated daily per share net asset value ("NAV"), plus any shareholders fees (e.g., sales loads, purchase fees, redemption fees). The per share NAV of a mutual fund is calculated at the end of each business day, although the actual NAV fluctuates with intraday changes to the market value of the fund's 12  holdings. The trading prices of a mutual fund's shares may differ significantly from the NAV during periods of market volatility, which may, among other factors, lead to the mutual fund's shares trading at a premium or discount to actual NAV. Shares of ETFs are listed on securities exchanges and transacted at negotiated prices in the secondary market. Generally, ETF shares trade at or near their most recent NAV, which is generally calculated at least once daily for index-based ETFs and potentially more frequently for actively managed ETFs. However, certain inefficiencies may cause the shares to trade at a premium or discount to their pro-rata NAV. There is also no guarantee that an active secondary market for such shares will develop or continue to exist. Generally, an ETF only redeems shares when aggregated as creation units (usually 20,000 shares or more). Therefore, if a liquid secondary market ceases to exist for shares of a particular ETF, a shareholder may have no way to dispose of such shares. When acting as a 3(21) fiduciary to Qualified Retirement Plans (QRP), Gutierrez Wealth Advisory will generally recommend the lowest cost share class to retirement plan sponsors when doing so is in the best interest of the plan based on all other facts and circumstances known to the Firm. As 3(21) fiduciaries, GWA serves in an advisory capacity and provides recommendations and guidance on investment options, but the ultimate decision-making authority often rests with the plan sponsor or trustee. Unlike a 3(38) fiduciary, a 3(21) fiduciary does not have discretionary authority to make investment decisions on behalf of the plan. Inclusion of mutual funds with 12b-1 fees could result in some form of revenue sharing through a rebate process that could help offset plan expenses for the QRP. Real Estate Investment Trusts The Firm may recommend an investment in, or allocate assets among, various real estate investment trusts ("REITs"), the shares of which exist in the form of either publicly traded or privately placed securities. REITs are collective investment vehicles with portfolios comprised primarily of real estate and mortgage related holdings. Many REITs hold heavy concentrations of investments tied to commercial and/or residential developments, which inherently subject REIT investors to the risks associated with a downturn in the real estate market. Investments linked to certain regions that experience greater volatility in the local real estate market may give rise to large fluctuations in the value of the vehicle's shares. Mortgage related holdings may give rise to additional concerns pertaining to interest rates, inflation, liquidity and counterparty risk. Use of Independent Managers As stated above, Gutierrez Wealth selects certain Independent Managers to manage a portion of its clients' assets. In these situations, Gutierrez Wealth continues to conduct ongoing due diligence of such managers, but such recommendations rely to a great extent on the Independent Managers' ability to successfully implement their investment strategies. Structured Products: A structured product, also known as a market-linked product, is generally a pre- packaged investment strategy based on derivatives, such as a single security, a basket of securities, options, indices, commodities, debt issuances, and/or foreign currencies, and to a lesser extent, swaps. Structured products are usually issued by investment banks or affiliates thereof. They have a fixed maturity, and have two components: a note and a derivative. The derivative component is often an option. The note provides for periodic interest payments to the investor at a predetermined rate, and the derivative component provides for the payment at maturity. Some products use the derivative component as a put option written by the investor that gives the buyer of the put option the right to sell to the investor the security or securities at a predetermined price. Other products use the derivative component to provide for a call option written by the investor that gives the buyer of the call option the right to buy the security or securities from the investor at a predetermined price. A feature of some structured products is a "principal guarantee" function, which offers protection of principal if held to 13  maturity. However, these products are not always Federal Deposit Insurance Corporation insured; they may only be insured by the issuer, and thus have the potential for loss of principal in the case of a liquidity crisis, or other solvency problems with the issuing company. Investing in structured products involves a number of risks including but not limited to: fluctuations in the price, level or yield of underlying instruments, interest rates, currency values and credit quality; substantial loss of principal; limits on participation in any appreciation of the underlying instrument; limited liquidity; credit risk of the issuer; conflicts of interest; and, other events that are difficult to predict. Private Investment Vehicles Gutierrez Wealth recommends that certain clients invest in privately placed collective investment vehicles (e.g., hedge funds, private equity funds, etc.). The managers of these vehicles have broad discretion in selecting the investments. There may be few limitations on the types of securities or other financial instruments which may be traded and no requirement to diversify. Private funds may trade on margin or otherwise leverage positions, thereby potentially increasing the risk to the vehicle. In addition, because the vehicles are not registered as investment companies, there is a dearth of regulation. There are numerous other risks in investing in these securities. Clients should consult each fund's private placement memorandum and/or other offering documents explaining such risks and conflicts of interest prior to investing. Equity-Related Securities and Instruments In limited circumstances, the Firm will take positions in common stocks of U.S. and non-U.S. issuers traded on national securities exchanges and over-the-counter markets. The value of equity securities varies in response to many factors. These factors include, without limitation, factors specific to an issuer and factors specific to the industry in which the issuer participates. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments, and the stock prices of such companies may suffer a decline in response. In addition, equity securities are subject to stock risk, which is the risk that stock prices historically rise and fall in periodic cycles. U.S. and non-U.S. stock markets have experienced periods of substantial price volatility in the past and may do so again in the future. In addition, investments in small-capitalization, mid-capitalization, and financially distressed companies may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks. Fixed Income Securities Fixed income securities are subject to the risk of the issuer's or a guarantor's inability to meet principal and interest payments on its obligations. Additionally, the value of fixed-income securities is impacted by factors such as interest rates as well as market and economic factors. Options Options allow a client to buy or sell a security at a contracted "strike" price at or within a specific period of time. Clients may pay or collect a premium for buying or selling an option. Investors transact in options to either hedge (i.e., limit) losses in an attempt to reduce risk or to speculate on the performance of the underlying securities. Options transactions contain a number of inherent risks, including the partial or total loss of principal in the event that the value of the underlying security or index does not increase/decrease to the level of the respective strike price. Holders of options contracts are also subject to default by the option writer which may be unwilling or unable to perform its contractual obligations. 14  Use of Margin While the use of margin borrowing for investments can substantially improve returns, it may also increase overall portfolio risk. Margin transactions are generally effected using capital borrowed from a Financial Institution, which is secured by a client's holdings. Under certain circumstances, a lending Financial Institution may demand an increase in the underlying collateral. If the client is unable to provide the additional collateral, the Financial Institution may liquidate account assets to satisfy the client's outstanding obligations, which could have extremely adverse consequences. In addition, fluctuations in the amount of a client's borrowings and the corresponding interest rates may have a significant effect on the profitability and stability of a client's portfolio. Not all investments are marginable, and investment in non-marginable securities limits your access to borrow against such securities. A conflict arises because Gutierrez Wealth has a financial incentive to recommend the use of margin or other securities based lending options because, when you borrow from your portfolio in lieu of liquidating your investments to raise capital, Gutierrez Wealth can continue to bill on the pledged assets. To mitigate this conflict, Gutierrez Wealth does not typically recommend borrowing against your portfolio unless necessary to meet your liquidity needs. Securities Based Lending (SBL) Using securities in your portfolio as collateral is not without risk. Pledged securities may be subject to restrictions, limiting your ability to trade or transfer them. SBL transactions may involve various fees, such as interest, maintenance, and administrative fees, which can affect your overall returns. If interest rates increase, your payments may also increase.If the market value of the assets you've pledged decreases, you may be required to pledge additional collateral, repay the loan sooner than you'd like, or surrender the collateral, or your account, to the lender. Access to assets pledged as collateral may be limited while the line of credit is active, and money movement requests may require lender approval. Tax Considerations Our strategies and investments may have unique and significant tax implications. However, unless we specifically agree otherwise, and in writing, tax efficiency is not our primary consideration in the management of your assets. Regardless of your account size or any other factors, we strongly recommend that you consult with a tax professional regarding the investing of your assets. Custodians and broker-dealers must report the cost basis of equities acquired in client accounts. Your custodian will default to the First-In First-Out ("FIFO") accounting method for calculating the cost basis of your investments. You are responsible for contacting your tax advisor to determine if this accounting method is the right choice for you. If your tax advisor believes another accounting method is more advantageous, provide written notice to our firm immediately and we will alert your account custodian of your individually selected accounting method. Decisions about cost basis accounting methods will need to be made before trades settle, as the cost basis method cannot be changed after settlement. 15  Cybersecurity Risks The information and technology systems of Gutierrez Wealth and key service providers to the Firm and its clients may be vulnerable to potential damage or interruption from computer viruses; network failures; computer and telecommunication failures; infiltration by unauthorized persons and security breaches; usage errors by their respective professionals; power outages; and catastrophic events such as fires, tornadoes, floods, hurricanes, and earthquakes. Although the Firm has implemented various measures designed to manage risks relating to these types of events, if these systems are compromised, become inoperable for extended periods of time, or cease to function properly, it may be necessary for the Firm to make a significant investment to fix or replace them and to seek to remedy the effect of these issues. The failure of these systems and/or of disaster recovery plans for any reason could cause significant interruptions in the operations of the Firm or its clients' accounts and result in a failure to maintain the security, confidentiality, or privacy of sensitive data, including personal information. COVID-19 The economy and markets have been significantly impacted by the COVID-19 pandemic over the past few years. The impact of the outbreak of COVID-19 has been and will likely continue to be extensive in many aspects of society, potentially for years to come. The outbreak has resulted in numerous deaths, adversely impacted global commercial activity, and led (and will likely continue to lead) to significant uncertainty and disruptions in the global financial markets and the economies of nations where the coronavirus disease has arisen. Many countries have reacted by instituting quarantines, prohibitions on travel and the closure of offices, businesses, schools, retail stores and other public venues. Businesses are also implementing similar precautionary measures. Such measures, as well as the general uncertainty surrounding the dangers and impact of COVID-19, are creating significant disruption in supply chains and economic activity. Consumer, corporate and financial confidence is being materially adversely affected by this outbreak. Such erosion of confidence has led to a global economic downturn. Such health crisis could exacerbate political, social, and economic risks and result in significant breakdowns, delays, and other disruptions to the economy, with potential corresponding results on the performance of a client's portfolio. The global impact of this outback is rapidly evolving, and it is impossible to predict the scope of this outbreak or the impact it may have on the global economy or the global financial markets going forward. The COVID-19 crisis has already led to certain governmental interventions that were implemented on an "emergency" basis, suddenly and substantially eliminating market participants' ability to continue to implement certain strategies or manage the risk of their outstanding positions. Additional governmental intervention is likely to occur and the impact on a client's portfolio cannot be predicted. Additionally, no assurances can be made regarding the policies that may be adopted by the Federal Reserve, the Federal government (including regulatory agencies), any state government, or any foreign government as a result of the outbreak and/or market volatility. In response to the crisis, COVID-19 and resulting limitations on travel could affect the ability of Gutierrez Wealth or its affiliates to conduct its business including meeting in person with clients and potential investment managers and business partners. This outbreak of COVID-19, or any future epidemic or pandemic similar to COVID-19, SARS, H1N1/09 flu or MERS, could have a significant adverse impact on a client's investments, could adversely affect a client's ability to meet its investment objectives, and could result in significant losses to a client. The extent of the impact of any outbreak on a client's investment performance depend on many factors, including the duration and scope of such outbreak, the development and distribution of treatments and vaccines for viruses such as COVID-19, the extent of its disruption to important global, regional and local supply chains and economic markets, and the impact of such outbreak on overall supply and demand, investor liquidity, consumer confidence and levels of economic activity, all of which are highly uncertain and cannot be predicted. 16  Digital Assets: Generally refers to an asset that is issued and/or transferred using distributed ledger or blockchain technology, including, "virtual currencies (also known as crypto-currencies)," "coins," and "tokens". We may invest in and/or advise clients on the purchase or sale of digital assets. This advice or investment may be in actual digital coins/tokens/currencies or via investment vehicles such as exchange traded funds (ETFs) or separately managed accounts (SMAs). The investment characteristics of Digital Assets generally differ from those of traditional securities, currencies, commodities. Digital Assets are not backed by a central bank or a national, international organization, any hard assets, human capital, or other form of credit and are relatively new to the market place. Rather, Digital Assets are market-based: a Digital Asset's value is determined by (and fluctuates often, according to) supply and demand factors, its adoption in the traditional commerce channels, and/or the value that various market participants place on it through their mutual agreement or transactions. The lack of history to these types of investments entail certain unknown risks, are very speculative and are not appropriate for all investors. Price Volatility of Digital Assets Risk: A principal risk in trading Digital Assets is the rapid fluctuation of market price. The value of client portfolios relates in part to the value of the Digital Assets held in the client portfolio and fluctuations in the price of Digital Assets could adversely affect the value of a client's portfolio. There is no guarantee that a client will be able to achieve a better than average market price for Digital Assets or will purchase Digital Assets at the most favorable price available. The price of Digital Assets achieved by a client may be affected generally by a wide variety of complex factors such as supply and demand; availability and access to Digital Asset service providers (such as payment processors), exchanges, miners or other Digital Asset users and market participants; perceived or actual security vulnerability; and traditional risk factors including inflation levels; fiscal policy; interest rates; and political, natural and economic events. Digital Asset Service Providers Risk: Service providers that support Digital Assets and the Digital Asset marketplace(s) may not be subject to the same regulatory and professional oversight as traditional securities service providers. Further, there is no assurance that the availability of and access to virtual currency service providers will not be negatively affected by government regulation or supply and demand of Digital Assets. Accordingly, companies or financial institutions that currently support virtual currency may not do so in the future. Custody of Digital Assets Risk: Under the Advisers Act, SEC registered investment advisers are required to hold securities with "qualified custodians," among other requirements. Certain Digital Assets may be deemed to be securities. Some Digital Assets do not currently fall under the SEC definition of security and therefore many of the companies providing Digital Assets custodial services fall outside of the SEC's definition of "qualified custodian". Accordingly, clients seeking to purchase actual digital coins/tokens/currencies may need to use nonqualified custodians to hold all or a portion of their Digital Assets. Government Oversight of Digital Assets Risk: Regulatory agencies and/or the constructs responsible for oversight of Digital Assets or a Digital Asset network may not be fully developed and subject to change. Regulators may adopt laws, regulations, policies or rules directly or indirectly affecting Digital Assets their treatment, transacting, custody, and valuation. Item 9 Disciplinary Information We are required to disclose the facts of any legal or disciplinary events that are material to a client's evaluation of our advisory business or the integrity of our management. We do not have any required disclosures under this item. 17  Item 10 Other Financial Industry Activities & Affiliations We have not provided information on other financial industry activities and affiliations because we do not have any relationship or arrangement that is material to our advisory business or to our clients with any of the types of entities listed below. 1. broker-dealer, municipal securities dealer, or government securities dealer or broker; 2. investment company or other pooled investment vehicle (including a mutual fund, closed-end investment company, unit investment trust, private investment company or "hedge fund," and offshore fund); 3. other investment adviser or financial planner; 4. futures commission merchant, commodity pool operator, or commodity trading adviser; 5. banking or thrift institution; 6. accountant or accounting firm; 7. lawyer or law firm; 8. insurance company or agency; 9. pension consultant; 10.real estate broker or dealer; and/or 11.sponsor or syndicator of limited partnerships. Registrations with Broker-Dealer Persons providing investment advice on behalf of our firm are registered representatives with PKS a securities broker-dealer, and a member of the Financial Industry Regulatory Authority and the Securities Investor Protection Corporation. See the Fees and Compensation section in this brochure for more information on the compensation received by registered representatives who are affiliated with our firm. Recommendation of Other Advisers We may recommend that you use a third party money manager ("TPMM") based on your needs and suitability. We will not receive separate compensation, directly or indirectly, from the TPMM for recommending that you use their services. Moreover, we do not have any other business relationships with the recommended TPMM(s). Refer to the Advisory Business section above for additio Item 11 Code of Ethics, Participation or Interest in Client Transactions, & Personal Trading Gutierrez Wealth has adopted a code of ethics in compliance with applicable securities laws ("Code of Ethics") that sets forth the standards of conduct expected of its Supervised Persons. Gutierrez Wealth's Code of Ethics contains written policies reasonably designed to prevent certain unlawful practices such as the use of material non-public information by the Firm or any of its Supervised Persons and the trading by the same of securities ahead of clients in order to take advantage of pending orders. The Code of Ethics also requires certain of Gutierrez Wealth's personnel to report their personal securities holdings and transactions and obtain pre-approval of certain investments (e.g., initial public offerings, limited offerings). However, the Firm's Supervised Persons are permitted to buy or sell securities that it also recommends to clients if done in a fair and equitable manner that is consistent with the Firm's policies and procedures. This Code of Ethics has been established recognizing that 18  some securities trade in sufficiently broad markets to permit transactions by certain personnel to be completed without any appreciable impact on the markets of such securities. Therefore, under limited circumstances, exceptions may be made to the policies stated below. When the Firm is engaging in or considering a transaction in any security on behalf of a client, no Supervised Person with access to this information may knowingly effect for themselves or for their immediate family (i.e., spouse, minor children, and adults living in the same household) a transaction in that security unless: the transaction has been completed; the transaction for the Supervised Person is completed as part of a batch trade with clients; or a decision has been made not to engage in the transaction for the client. These requirements are not applicable to: (i) direct obligations of the Government of the United States; (ii) money market instruments, bankers' acceptances, bank certificates of deposit, commercial paper, repurchase agreements and other high quality short-term debt instruments; (iii) shares issued by money market funds; and (iv) shares issued by other unaffiliated open-end mutual funds. Clients and prospective clients may contact Gutierrez Wealth to request a copy of its Code of Ethics. Participation or Interest in Client Transactions Neither our firm nor any persons associated with our firm has any material financial interest in client transactions beyond the provision of investment advisory services as disclosed in this brochure. Personal Trading Practices Our firm or persons associated with our firm may buy or sell the same securities that we recommend to you or securities in which you are already invested. A conflict of interest exists in such cases because we have the ability to trade ahead of you and potentially receive more favorable prices than you will receive. To mitigate this conflict of interest, it is our policy that neither our firm nor persons associated with our firm shall have priority over your account in the purchase or sale of securities. Aggregated Trading Our firm or persons associated with our firm may buy or sell securities for you at the same time we or persons associated with our firm buy or sell such securities for our own account. We may also combine our orders to purchase securities with your orders to purchase securities ("aggregated trading"). Refer to the Brokerage Practices section in this brochure for information on our aggregated trading practices. A conflict of interest exists in such cases because we have the ability to trade ahead of you and potentially receive more favorable prices than you will receive. To eliminate this conflict of interest, it is our policy that neither our firm nor persons associated with our firm shall have priority over your account in the purchase or sale of securities. Item 12 Brokerage Practices Recommendation of Broker-Dealers and Custodians for Client Transactions Gutierrez Wealth generally recommends that clients utilize the custody, brokerage and clearing services of National Financial Services LLC and Fidelity Brokerage Services LLC (together with affiliates, "Fidelity") or another custodian or broker-dealer as appropriate. 19  The final decision to custody assets with Fidelity or another custodian is at the discretion of the client, including those accounts under ERISA or IRA rules and regulations, in which case the client is acting as either the plan sponsor or IRA account holder. Gutierrez Wealth is independently owned and operated and not affiliated with Fidelity or any other custodian. Fidelity provides Gutierrez Wealth with access to its institutional trading and custody services, which are typically not available to retail investors. The commissions paid by Gutierrez Wealth's clients to Fidelity comply with the Firm's duty to obtain "best execution." Clients may pay commissions that are higher than another qualified Financial Institution might charge to effect the same transaction where Gutierrez Wealth determines that the commissions are reasonable in relation to the value of products and services received. In seeking best execution, the determinative factor is not the lowest possible cost, but whether the transaction represents the best qualitative execution, taking into consideration the full range of a Financial Institution's services, including among others, the value of products and services provided, execution capability, commission rates and responsiveness. Gutierrez Wealth seeks competitive rates but may not necessarily obtain the lowest possible commission rates for client transactions. Gutierrez Wealth periodically and systematically reviews its policies and procedures regarding its recommendation of Financial Institutions in light of its duty to obtain best execution. Factors which the Firm considers in recommending Fidelity or any other broker-dealer to clients include their respective financial strength, reputation, execution, pricing, research and service. Consistent with obtaining best execution, brokerage transactions are directed to certain broker-dealers in return for investment research products and/or services which assist Gutierrez Wealth in its investment decision-making process. Such research will be used to service all of the Firm's clients, but brokerage commissions paid by one client may be used to pay for research that is not used in managing that client's portfolio. The receipt of investment research products and/or services as well as the allocation of the benefit of such investment research products and/or services poses a conflict of interest because Gutierrez Wealth does not have to produce or pay for the products or services. Gutierrez Wealth also receives from Fidelity, without cost, administrative support, computer software, related systems support, as well as other third party support as further described below (together "Support") which allow Gutierrez Wealth to better monitor client accounts maintained at the custodian and otherwise conduct its business. Gutierrez Wealth receives the Support without cost because the Firm renders investment management services to clients that maintain assets at Fidelity. The Support is not provided in connection with securities transactions of clients (i.e., not "soft dollars"). The Support benefits Gutierrez Wealth, but not its clients directly. Clients should be aware that Gutierrez Wealth's receipt of economic benefits such as the Support from a broker-dealer creates a conflict of interest since these benefits may influence the Firm's choice of broker-dealer over another that does not furnish similar software, systems support or services, especially because the support is contingent upon clients placing a minimum amount of assets at Fidelity. In fulfilling its duties to its clients, Gutierrez Wealth endeavors at all times to put the interests of its clients first and has determined that the recommendation of Fidelity is in the best interest of clients and satisfies the Firm's duty to seek best execution. Specifically, Gutierrez Wealth receives the following benefits from Fidelity: i) receipt of duplicate client confirmations and bundled duplicate statements; ii) access to a trading desk that exclusively services its institutional traders; iii) access to block trading which provides the ability to aggregate securities transactions and then allocate the appropriate shares to client accounts; and iv) access to an electronic communication network for client order entry and account information. 20  Fidelity has also arranged to provide the Firm with financial support in connection with the launch and growth of its business. Such support comes in the form of reimbursements for certain costs incurred by the Firm in launching its business including, among other things, expenses associated with acquisition of technology, legal services, and other services and products. Fidelity has also agreed to reimburse Firm clients for a certain amount of exit fees associated with moving accounts to Fidelity. The reimbursement is only available up to a certain amount for all of the Firm's clients over a twelve-month period. As a result of the Firm's receipt of the foregoing benefits, products, and services from Fidelity, the Firm faces a conflict of interest as it has an incentive to recommend Fidelity's custodial and brokerage services to its clients because, without such support, the Firm or its clients would be required to incur such expenses themselves. Nonetheless, Gutierrez Wealth will ensure that the Firm satisfies its duty of best execution to its clients. Gutierrez Wealth also has an arrangement with Fidelity Digital Asset Services, LLC ("Fidelity Digital") to facilitate digital asset transactions on behalf of certain advisory clients. Through this relationship, Gutierrez Wealth is authorized to instruct Fidelity Digital to open accounts, purchase, sell, or transfer digital assets on behalf of clients who direct us to use this platform. Gutierrez Wealth is not affiliated with Fidelity Digital and no referral fees or other economic benefits are received from Fidelity Digital Assets for recommending or using their services. Gutierrez may, however, receive customary account and transaction services, such as access to trading, custody, and account reporting. These services are provided to help us manage client accounts and do not change the advisory fees clients pay to Gutierrez Wealth. The Firm does not require or mandate the use of Fidelity Digital. Clients may choose other custodians or intermediaries that provide digital asset services. Digital asset services are optional and may not be appropriate for all clients. Clients should carefully consider the risks associated with digital asset investments and custody, including custody limitations, operational risks, and potential conflicts of interest, before directing the Firm to engage Fidelity Digital on their behalf. Client Referrals from Brokers Gutierrez Wealth does not consider, in selecting or recommending broker-dealers, whether the Firm receives client referrals from the broker-dealer. Directed Brokerage In general, Gutierrez Wealth generally does not permit clients to direct brokerage transactions to be executed with brokers of the client's choosing. Nonetheless, if Gutierrez Wealth were to accommodate a client by allowing for directed brokerage, the client will be responsible for negotiating terms and arrangements for the account with that Financial Institution and the Firm will not seek better execution services or prices from other Financial Institutions or be able to "batch" client transactions for execution through other Financial Institutions with orders for other accounts managed by Gutierrez Wealth (as described above). As a result, the client may pay higher commissions or other transaction costs, experience greater spreads, or receive less favorable net prices on transactions for the account than would otherwise be the case. Subject to its duty of best execution, Gutierrez Wealth may decline a client's request to direct brokerage if, in the Firm's sole discretion, such directed brokerage arrangements would result in additional operational difficulties. 21  Aggregated Trades Transactions for each client generally will be effected independently, unless we decide to purchase or sell the same securities for several clients at approximately the same time. We may, but are not obligated to, combine multiple orders for shares of the same securities purchased for advisory accounts we manage (this practice is commonly referred to as "aggregated trading"). We will then distribute a portion of the shares to participating accounts in a fair and equitable manner. Generally, participating accounts will pay a fixed transaction cost regardless of the number of shares transacted. In certain cases, each participating account pays an average price per share for all transactions and pays a proportionate share of all transaction costs on any given day. In the event an order is only partially filled, the shares will be allocated to participating accounts in a fair and equitable manner, typically in proportion to the size of each client's order. Accounts owned by our firm or persons associated with our firm may participate in aggregated trading with your accounts; however, they will not be given preferential treatment. We do not aggregate trades for non-discretionary accounts. Accordingly, non-discretionary accounts may pay different costs than discretionary accounts pay. If you enter into non-discretionary arrangements with our firm, we may not be able to buy and sell the same quantities of securities for you and you may pay higher commissions, fees, and/or transaction costs than clients who enter into discretionary arrangements with our firm. Research and Other Soft Dollar Benefits In selecting or recommending a broker-dealer, we will consider the value of research and additional brokerage products and services a broker-dealer has provided or will provide to our clients and our firm. Receipt of these additional brokerage products and services are considered to have been paid for with "soft dollars." Because such services could be considered to provide a benefit to our firm, we have a conflict of interest in directing your brokerage business. We could receive benefits by selecting a particular broker-dealer to execute your transactions, and the transaction compensation charged by that broker-dealer might not be the lowest compensation we might otherwise be able to negotiate. Products and services that we may receive from broker-dealers may consist of research data and analyses, financial publications, recommendations, or other information about particular companies and industries (through research reports and otherwise), and other products or services (e.g., software and data bases) that provide lawful and appropriate assistance to our firm in the performance of our investment decision-making responsibilities. Consistent with applicable rules, brokerage products and services consist primarily of computer services and software that permit our firm to effect securities transactions and perform functions incidental to transaction execution. We use such products and services in our general investment decision making, not just for those accounts for which commissions may be considered to have been used to pay for the products or services. The test for determining whether a service, product or benefit obtained from or at the expense of a broker constitutes "research" under this definition is whether the service, product, or benefit assists our firm in investment decision-making for discretionary client accounts. Services, products, or benefits that do not assist in investment decision-making for discretionary client accounts do not qualify as "research." Also, services, products or benefits that are used in part for investment decision-making for discretionary client accounts and in part for other purposes (such as accounting, corporate administration, recordkeeping, performance attribution analysis, client reporting, or investment decision-making for the firm's own investment accounts) constitute "research" only to the extent that they are used in investment decision-making for discretionary client accounts. 22  Before placing orders with a particular broker-dealer, we determine that the commissions to be paid are reasonable in relation to the value of all the brokerage and research products and services provided by that broker-dealer. In some cases, the commissions charged by a particular broker for a particular transaction or set of transactions may be greater than the amounts charged by another broker-dealer that did not provide research services or products. We do not exclude a broker-dealer from receiving business simply because the broker-dealer does not provide our firm with soft dollar research products and services. However, we may not be willing to pay the same commission to such broker-dealer as we would have paid had the broker-dealer provided such products and services. The products and services we receive from broker-dealers will generally be used in servicing all of our clients' accounts. Our use of these products and services will not be limited to the accounts that paid commissions to the broker-dealer for such products and services. In addition, we may not allocate soft dollar benefits to your accounts proportionately to the soft dollar credits the accounts generate. As part of our fiduciary duties to you, we endeavor at all times to put your interests first. You should be aware that the receipt of economic benefits by our firm is considered to create a conflict of interest. We have instituted certain procedures governing soft dollar relationships including preparation of a brokerage allocation budget, mandated reporting of soft dollar irregularities, annual evaluation of soft dollar relationships, and an annual review of our brochure to ensure adequate disclosures of conflicts of interest regarding our soft dollar relationships. Economic Benefits As a registered investment adviser, we have access to the institutional platform of your account custodian. As such, we will also have access to research products and services from your account custodian and/or other brokerage firm. These products are in addition to any benefits or research we pay for with soft dollars, and may include financial publications, information about particular companies and industries, research software, and other products or services that provide lawful and appropriate assistance to our firm in the performance of our investment decision-making responsibilities. Such research products and services are provided to all investment advisers that utilize the institutional services platforms of these firms, and are not considered to be paid for with soft dollars. However, you should be aware that the commissions charged by a particular broker for a particular transaction or set of transactions may be greater than the amounts another broker who did not provide research services or products might charge. Item 13 Reviews of Accounts Account Reviews An investment adviser representative conducts ongoing reviews of each client's portfolio as part of the Firm's investment management services. An investment adviser representative will conduct a review of each client's accounts at least annually to ensure that the Firm's investment recommendations continue to be suitable for the client, given the client's investment objectives and financial circumstances. Account Statements and Reports Clients are provided with transaction confirmation notices and regular summary account statements directly from the Financial Institutions where their assets are custodied. From time-to-time or as otherwise requested, clients may also receive written or electronic reports from Gutierrez Wealth and/or an outside service provider, which contain certain account and/or market-related information, such as an inventory of account holdings or account performance. 23  Item 14 Client Referrals & Other Compensation As disclosed under the Fees and Compensation section in this brochure, persons providing investment advice on behalf of our firm are licensed insurance agents, and are registered representatives with PKS, a securities broker-dealer, and a member of the Financial Industry Regulatory Authority and the Securities Investor Protection Corporation. For information on the conflicts of interest this presents, and how we address these conflicts, refer to the Fees and Compensation section. We do not receive any compensation from any third party in connection with providing investment advice to you nor do we compensate any individual or firm for client referrals. Refer to the Brokerage Practices section above for disclosures on research and other benefits we may receive resulting from our relationship with your account custodian. Item 15 Custody Your independent custodian will directly debit your account(s) for the payment of our advisory fees. This ability to deduct our advisory fees from your accounts causes our firm to exercise limited custody over your funds or securities. We do not have physical custody of any of your funds and/or securities. Your funds and securities will be held with a bank, broker-dealer, or other qualified custodian. You will receive account statements from the qualified custodian(s) holding your funds and securities at least quarterly. The account statements from your custodian(s) will indicate the amount of our advisory fees deducted from your account(s) each billing period. You should carefully review account statements for accuracy. For clients who utilize Fidelity Digital Asset Services, LLC ("Fidelity Digital"), digital assets will be held in custody with Fidelity Digital Asset Services, LLC in accounts opened in the client's name. Clients will receive account statements directly from Fidelity Digital, and we encourage clients to carefully review these statements. Wire Transfer and/or Standing Letter of Authorization Our firm, or persons associated with our firm, may effect wire transfers from client accounts to one or more third parties designated, in writing, by the client without obtaining written client consent for each separate, individual transaction, as long as the client has provided us with written authorization to do so. Such written authorization is known as a Standing Letter of Authorization. An adviser with authority to conduct such third party wire transfers has access to the client's assets, and therefore has custody of the client's assets in any related accounts. However, we do not have to obtain a surprise annual audit, as we otherwise would be required to by reason of having custody, as long as we meet the following criteria: 1. You provide a written, signed instruction to the qualified custodian that includes the third party's name and address or account number at a custodian; 2. You authorize us in writing to direct transfers to the third party either on a specified schedule or from time to time; 3. Your qualified custodian verifies your authorization (e.g., signature review) and provides a transfer of funds notice to you promptly after each transfer; 4. You can terminate or change the instruction; 5. We have no authority or ability to designate or change the identity of the third party, the address, or any other information about the third party; 6. We maintain records showing that the third party is not a related party to us nor located at the 24  same address as us; and 7. Your qualified custodian sends you, in writing, an initial notice confirming the instruction and an annual notice reconfirming the instruction. We hereby confirm that we meet the above criteria. Item 16 Investment Discretion Before we can buy or sell securities on your behalf, you must first sign our discretionary management agreement and the appropriate trading authorization forms. You may grant our firm discretion over the selection and amount of securities to be purchased or sold for your account(s), the broker or dealer to be used for each transaction, and over the commission rates to be paid without obtaining your consent or approval prior to each transaction. You may specify investment objectives, guidelines, and/or impose certain conditions or investment parameters for your account(s). For example, you may specify that the investment in any particular stock or industry should not exceed specified percentages of the value of the portfolio and/or restrictions or prohibitions of transactions in the securities of a specific industry or security. Refer to the Advisory Business section in this Brochure for more information on our discretionary management services. If you enter into non-discretionary arrangements with our firm, we will obtain your approval prior to the execution of any transactions for your account(s). You have an unrestricted right to decline to implement any advice provided by our firm on a non-discretionary basis. Item 17 Voting Client Securities (Proxy Voting) We will not vote proxies on behalf of your advisory accounts. At your request, we may offer you advice regarding corporate actions and the exercise of your proxy voting rights. If you own shares of applicable securities, you are responsible for exercising your right to vote as a shareholder. In most cases, you will receive proxy materials directly from the account custodian. However, in the event we were to receive any written or electronic proxy materials, we would forward them directly to you by mail, unless you have authorized our firm to contact you by electronic mail, in which case, we would forward any electronic solicitations to vote proxies. Item 18 Financial Information Our firm does not have any financial condition or impairment that would prevent us from meeting our contractual commitments to you. We do not take physical custody of client funds or securities, or serve as trustee or signatory for client accounts, and, we do not require the prepayment of more than $1,200 in fees six or more months in advance. Therefore, we are not required to include a financial statement with this brochure. We have not filed a bankruptcy petition at any time in the past ten years. 25  Item 19 Requirements for State-Registered Advisers We are a federally registered investment adviser; therefore, we are not required to respond to this item. Item 20 Additional Information Trade Errors In the event a trading error occurs in your account, our policy is to restore your account to the position it should have been in had the trading error not occurred. Depending on the circumstances, corrective actions may include canceling the trade, adjusting an allocation, and/or reimbursing the account. If the error results in a gain - Fidelity will donate the gain to The America Red Cross on behalf of the firm. Class Action Lawsuits We do not determine if securities held by you are the subject of a class action lawsuit or whether you are eligible to participate in class action settlements or litigation nor do we initiate or participate in litigation to recover damages on your behalf for injuries as a result of actions, misconduct, or negligence by issuers of securities held by you. IRA Rollover Considerations As part of our investment advisory services to you, 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 that is subject to our management, we will charge you an asset based fee as set forth in the agreement you executed with our firm. This practice presents a conflict of interest because persons providing investment advice on our behalf have an incentive to recommend a rollover to you for the purpose of generating fee based compensation rather than solely based on your needs. You are under no obligation, contractually or otherwise, to complete the rollover. Moreover, if you do complete the rollover, you are under no obligation to have the assets in an IRA managed by our firm. Many employers permit former employees to keep their retirement assets in their company plan. Also, current employees can sometimes move assets out of their company plan before they retire or change jobs. In determining whether to complete the rollover to an IRA, and to the extent the following options are available, you should 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. 4. Rolling the funds into an IRA rollover account. Each of these options has advantages and disadvantages and before making a change we encourage you to speak with your CPA and/or tax attorney. If you are considering rolling over your retirement funds to an IRA for us to manage here are a few points to consider before you do so: 1. Determine whether the investment options in your employer's retirement plan address your needs or whether you might want to consider other types of investments. a. Employer retirement plans generally have a more limited investment menu than IRAs. b. Employer retirement plans may have unique investment options not available to the public such as employer securities, or previously closed funds. 26  2. Your current plan may have lower fees than our fees. a. 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 of those share classes compare with those available in an IRA. b. You should understand the various products and services you might take advantage of at an IRA provider and the potential costs of those products and services. 3. Our strategy may have higher risk than the option(s) provided to you in your plan. 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 72. 6. Your 401k may offer more liability protection than a rollover IRA; each state may vary. a. Generally, federal law protects assets in qualified plans from creditors. Since 2005, IRA assets have been generally protected from creditors in bankruptcies. However, there can be some exceptions to the general rules so you should consult with 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 any time; however, distributions are subject to ordinary income tax and may also be subject to a 10% early distribution penalty unless they qualify for an exception such as disability, higher education expenses or the purchase of a home. 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. It is important that you understand the differences between these types of accounts and to decide whether a rollover is best for you. Prior to proceeding, if you have questions contact your investment adviser representative, or call our main number as listed on the cover page of this brochure. 27